Expensify, Inc. (NASDAQ:EXFY) Sees Large Increase in Short Interest

Expensify, Inc. (NASDAQ:EXFY) saw a significant increase in short interest in June. As of June 15th, there was short interest totalling 2,380,000 shares, an increase of 8.7% from the May 31st total of 2,190,000 shares. Approximately 5.4% of the company’s stock are sold short. Based on an average trading volume of 497,700 shares, the short-interest ratio is currently 4.8 days.

Expensify Stock Performance

NASDAQ:EXFY traded down $0.05 during trading hours on Tuesday, reaching $1.51. The stock had a trading volume of 47,950 shares, compared to its average volume of 623,562. The stock has a market cap of $130.60 million, a P/E ratio of -3.25 and a beta of 1.47. The stock has a 50 day simple moving average of $1.58 and a 200 day simple moving average of $1.79. Expensify has a 12-month low of $1.24 and a 12-month high of $8.25.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on EXFY shares. JMP Securities restated a “market perform” rating on shares of Expensify in a research note on Friday, June 14th. Citigroup reduced their price objective on Expensify from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Tuesday, April 23rd. Finally, Morgan Stanley upgraded Expensify from an “underweight” rating to an “equal weight” rating in a research note on Tuesday, May 28th. One investment 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. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.20.

Insider Transactions at Expensify

In related news, major shareholder Steven J. Mclaughlin purchased 39,845 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was acquired at an average price of $1.32 per share, for a total transaction of $52,595.40. Following the purchase, the insider now owns 9,598,124 shares of the company’s stock, valued at $12,669,523.68. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, major shareholder Steven J. Mclaughlin bought 248,712 shares of the stock in a transaction dated Monday, April 15th. The stock was bought at an average price of $1.43 per share, for a total transaction of $355,658.16. Following the completion of the acquisition, the insider now directly owns 8,778,407 shares in the company, valued at approximately $12,553,122.01. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Steven J. Mclaughlin purchased 39,845 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were purchased at an average cost of $1.32 per share, for a total transaction of $52,595.40. Following the completion of the transaction, the insider now directly owns 9,598,124 shares of the company’s stock, valued at $12,669,523.68. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 911,013 shares of company stock valued at $1,370,843 and sold 575,399 shares valued at $893,860. 17.33% of the stock is currently owned by insiders.

Institutional Trading of Expensify

Several hedge funds and other institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd bought a new position in Expensify in the 3rd quarter worth about $35,000. Corton Capital Inc. bought a new position in shares of Expensify in the third quarter valued at approximately $37,000. FNY Investment Advisers LLC grew its stake in Expensify by 212.5% during the fourth quarter. FNY Investment Advisers LLC now owns 12,500 shares of the company’s stock valued at $30,000 after acquiring an additional 8,500 shares in the last quarter. Azora Capital LP bought a new stake in Expensify during the 4th quarter worth approximately $61,000. Finally, Mackenzie Financial Corp purchased a new stake in Expensify in the 4th quarter worth approximately $75,000. Institutional investors own 68.42% of the company’s stock.

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.