Insider Buying: Expensify, Inc. (NASDAQ:EXFY) Major Shareholder Acquires $35,567.05 in Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven J. Mclaughlin bought 24,529 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $1.45 per share, for a total transaction of $35,567.05. Following the acquisition, the insider now directly owns 9,816,732 shares of the company’s stock, valued at approximately $14,234,261.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Expensify Stock Performance

NASDAQ:EXFY opened at $1.52 on Friday. Expensify, Inc. has a 12-month low of $1.24 and a 12-month high of $8.25. The stock’s 50 day moving average price is $1.57 and its two-hundred day moving average price is $1.78.

Expensify (NASDAQ:EXFY) last posted its earnings results on Thursday, May 9th. The company reported ($0.04) earnings per share 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 business had revenue of $33.50 million for the quarter, compared to analyst estimates of $35.56 million. During the same period in the previous year, the firm posted ($0.07) earnings per share. The firm’s revenue was down 16.5% compared to the same quarter last year. Equities analysts predict that Expensify, Inc. will post -0.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JMP Securities reaffirmed a “market perform” rating on shares of Expensify in a research report on Friday, June 14th. Morgan Stanley raised shares of Expensify from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 28th. Finally, Citigroup dropped their price target on shares of Expensify from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.20.

Hedge Funds Weigh In On Expensify

Several institutional investors and hedge funds have recently modified their holdings of EXFY. FNY Investment Advisers LLC boosted its holdings in shares of Expensify by 212.5% during the 4th quarter. FNY Investment Advisers LLC now owns 12,500 shares of the company’s stock worth $30,000 after buying an additional 8,500 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Expensify during the third quarter worth approximately $35,000. Corton Capital Inc. acquired a new position in shares of Expensify in the third quarter valued at approximately $37,000. Azora Capital LP bought a new position in shares of Expensify during the fourth quarter worth approximately $61,000. Finally, Mackenzie Financial Corp acquired a new stake in Expensify during the 4th quarter worth approximately $75,000. 68.42% of the stock is currently owned by institutional investors and hedge funds.

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.