Short Interest in Expensify, Inc. (NASDAQ:EXFY) Grows By 28.8%

Expensify, Inc. (NASDAQ:EXFY) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 2,190,000 shares, an increase of 28.8% from the March 31st total of 1,700,000 shares. Based on an average daily trading volume, of 655,200 shares, the days-to-cover ratio is currently 3.3 days. Currently, 5.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EXFY. Citigroup cut their target price on shares of Expensify from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Piper Sandler reduced their price objective on shares of Expensify from $3.00 to $2.00 and set a “neutral” rating on the stock in a research note on Friday, February 23rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Expensify currently has an average rating of “Hold” and a consensus target price of $5.93.

Insider Activity

In other Expensify news, major shareholder Steven J. Mclaughlin acquired 182,941 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were acquired at an average cost of $1.59 per share, for a total transaction of $290,876.19. Following the transaction, the insider now directly owns 8,529,695 shares of the company’s stock, valued at $13,562,215.05. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Steven J. Mclaughlin bought 248,712 shares of the stock in a transaction on Monday, April 15th. The shares were purchased at an average price of $1.43 per share, for a total transaction of $355,658.16. Following the acquisition, the insider now owns 8,778,407 shares in the company, valued at $12,553,122.01. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Steven J. Mclaughlin purchased 182,941 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was bought at an average cost of $1.59 per share, with a total value of $290,876.19. Following the completion of the acquisition, the insider now owns 8,529,695 shares of the company’s stock, valued at $13,562,215.05. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 584,322 shares of company stock worth $877,114 and sold 637,017 shares worth $1,147,475. Company insiders own 20.32% of the company’s stock.

Institutional Investors Weigh In On Expensify

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Expensify during the 3rd quarter worth approximately $51,000. Bank of New York Mellon Corp raised its stake in shares of Expensify by 15.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 220,490 shares of the company’s stock valued at $717,000 after acquiring an additional 29,131 shares during the period. Jump Financial LLC purchased a new position in shares of Expensify in the 3rd quarter valued at $178,000. Barclays PLC lifted its holdings in shares of Expensify by 433.4% during the 3rd quarter. Barclays PLC now owns 105,759 shares of the company’s stock valued at $344,000 after acquiring an additional 85,931 shares in the last quarter. Finally, Quantbot Technologies LP boosted its position in Expensify by 93.5% during the 3rd quarter. Quantbot Technologies LP now owns 47,396 shares of the company’s stock worth $154,000 after purchasing an additional 22,897 shares during the period. 68.42% of the stock is currently owned by institutional investors and hedge funds.

Expensify Price Performance

Shares of EXFY stock opened at $1.61 on Tuesday. Expensify has a 1-year low of $1.40 and a 1-year high of $8.25. The firm’s 50-day simple moving average is $1.80 and its 200-day simple moving average is $2.10. The firm has a market cap of $113.63 million, a P/E ratio of -3.16 and a beta of 1.49.

Expensify (NASDAQ:EXFY) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.06). The company had revenue of $35.20 million during the quarter, compared to analyst estimates of $36.85 million. Expensify had a negative net margin of 27.70% and a negative return on equity of 41.91%. The firm’s revenue for the quarter was down 19.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.04) EPS. Analysts expect that Expensify will post -0.19 earnings per share for the current fiscal year.

About Expensify

Expensify, Inc provides a cloud-based expense management software platform to individuals and corporations, small and midsized businesses, and enterprises in the United States and internationally. The company's platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel.