Insider Buying: Expensify, Inc. (NASDAQ:EXFY) Major Shareholder Acquires 12,999 Shares of Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven J. Mclaughlin purchased 12,999 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were bought at an average price of $1.45 per share, for a total transaction of $18,848.55. Following the completion of the transaction, the insider now directly owns 9,716,363 shares in the company, valued at approximately $14,088,726.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Expensify Price Performance

Shares of NASDAQ EXFY opened at $1.49 on Monday. The stock has a market cap of $128.87 million, a P/E ratio of -3.10 and a beta of 1.46. The firm’s 50-day simple moving average is $1.58 and its 200 day simple moving average is $1.79. Expensify, Inc. has a fifty-two week low of $1.24 and a fifty-two week high of $8.25.

Expensify (NASDAQ:EXFY) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.12). Expensify had a negative return on equity of 39.36% and a negative net margin of 27.46%. The company had revenue of $33.50 million for the quarter, compared to the consensus estimate of $35.56 million. During the same quarter last year, the firm posted ($0.07) earnings per share. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Expensify, Inc. will post -0.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

EXFY has been the subject of a number of recent research reports. JMP Securities restated a “market perform” rating on shares of Expensify in a research note on Friday, June 14th. Citigroup lowered their price target on shares of Expensify from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. Finally, Morgan Stanley raised shares of Expensify from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $4.20.

Hedge Funds Weigh In On Expensify

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quadrature Capital Ltd bought a new position in Expensify during the first quarter valued at about $65,000. Acadian Asset Management LLC raised its holdings in shares of Expensify by 74.4% in the 1st quarter. Acadian Asset Management LLC now owns 303,892 shares of the company’s stock worth $557,000 after purchasing an additional 129,689 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Expensify by 16.6% during the first quarter. Vanguard Group Inc. now owns 3,346,715 shares of the company’s stock worth $6,158,000 after buying an additional 476,687 shares in the last quarter. Palogic Value Management L.P. increased its holdings in shares of Expensify by 33.3% in the fourth quarter. Palogic Value Management L.P. now owns 800,000 shares of the company’s stock valued at $1,976,000 after buying an additional 200,000 shares in the last quarter. Finally, Azora Capital LP bought a new stake in shares of Expensify during the 4th quarter worth $61,000. 68.42% of the stock is owned by institutional investors.

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.