Expensify, Inc. (NASDAQ:EXFY) Sees Significant Drop in Short Interest

Expensify, Inc. (NASDAQ:EXFY) saw a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 1,491,932 shares, a decline of 66.7% from the June 15th total of 4,478,511 shares. Based on an average daily volume of 3,696,655 shares, the short-interest ratio is presently 0.4 days. Currently, 2.0% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on EXFY. Wall Street Zen upgraded shares of Expensify from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Weiss Ratings raised Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Expensify has a consensus rating of “Reduce” and an average target price of $2.50.

Insider Activity

In other Expensify news, Director Divo Carlos Eduardo Alvarez sold 30,728 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $1.01, for a total value of $31,035.28. Following the completion of the transaction, the director directly owned 254,780 shares in the company, valued at approximately $257,327.80. The trade was a 10.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1.15, for a total transaction of $34,500.00. Following the sale, the chief executive officer directly owned 1,228,480 shares of the company’s stock, valued at approximately $1,412,752. The trade was a 2.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,728 shares of company stock worth $109,235 in the last quarter. 11.65% of the stock is owned by insiders.

Hedge Funds Weigh In On Expensify

Several institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in shares of Expensify by 134.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock worth $3,435,000 after buying an additional 759,982 shares during the period. Millennium Management LLC grew its position in shares of Expensify by 103.2% in the first quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock valued at $4,276,000 after purchasing an additional 714,244 shares in the last quarter. Pale Fire Capital SE purchased a new position in Expensify during the first quarter worth approximately $418,000. Vanguard Group Inc. lifted its position in Expensify by 4.5% during the third quarter. Vanguard Group Inc. now owns 4,543,639 shares of the company’s stock worth $8,406,000 after buying an additional 197,702 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Expensify during the fourth quarter worth $240,000. 68.42% of the stock is owned by hedge funds and other institutional investors.

Expensify Stock Performance

Shares of NASDAQ EXFY opened at $1.89 on Monday. The company has a market cap of $159.29 million, a PE ratio of -8.22 and a beta of 1.68. The business has a 50-day simple moving average of $1.34 and a two-hundred day simple moving average of $1.22. Expensify has a fifty-two week low of $0.69 and a fifty-two week high of $2.36.

Expensify (NASDAQ:EXFY) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $33.97 million for the quarter, compared to analyst estimates of $34.25 million. Expensify had a negative net margin of 14.68% and a negative return on equity of 15.26%.

Expensify Company Profile

Expensify, traded on NASDAQ under the ticker EXFY, is a software-as-a-service (SaaS) company specializing in automated expense management and reporting. Its flagship platform enables employees to capture receipts via mobile app or email, automatically extract expense details through optical character recognition (OCR) and artificial intelligence, and submit streamlined expense reports. The solution is designed to eliminate manual data entry and reduce approval cycle times, serving a broad range of industries from small businesses to large enterprises.

Founded in 2008 by entrepreneur David Barrett, Expensify has grown from a simple receipt-scanning app into a comprehensive spend management suite.