Expensify (NASDAQ:EXFY) Major Shareholder Purchases $485,000.00 in Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven Mclaughlin acquired 500,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were bought at an average cost of $0.97 per share, for a total transaction of $485,000.00. Following the completion of the transaction, the insider owned 10,439,949 shares in the company, valued at approximately $10,126,750.53. This represents a 5.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Expensify Trading Up 2.5%

Expensify stock opened at $0.83 on Friday. The firm has a 50 day moving average of $1.21 and a 200 day moving average of $1.50. The firm has a market capitalization of $67.52 million, a price-to-earnings ratio of -3.48 and a beta of 1.74. Expensify, Inc. has a 12-month low of $0.69 and a 12-month high of $3.60.

Expensify (NASDAQ:EXFY) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.13). The firm had revenue of $35.20 million for the quarter, compared to analysts’ expectations of $35.50 million. Expensify had a negative net margin of 15.05% and a negative return on equity of 16.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Expensify in a research note on Monday, December 29th. Wall Street Zen raised Expensify from a “sell” rating to a “hold” rating in a report on Saturday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.50.

Institutional Investors Weigh In On Expensify

Several institutional investors and hedge funds have recently modified their holdings of EXFY. Vanguard Group Inc. lifted its holdings in shares of Expensify by 4.5% in 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. Marshall Wace LLP grew its stake in Expensify by 5.7% during the fourth quarter. Marshall Wace LLP now owns 1,436,707 shares of the company’s stock valued at $2,169,000 after acquiring an additional 76,833 shares in the last quarter. Millennium Management LLC grew its stake in Expensify by 103.2% during the first quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock valued at $4,276,000 after acquiring an additional 714,244 shares in the last quarter. Geode Capital Management LLC increased its holdings in Expensify by 134.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock valued at $3,435,000 after acquiring an additional 759,982 shares during the last quarter. Finally, Formula Growth Ltd. increased its holdings in Expensify by 15.0% in the 2nd quarter. Formula Growth Ltd. now owns 1,150,000 shares of the company’s stock valued at $2,978,000 after acquiring an additional 150,000 shares during the last quarter. Institutional investors own 68.42% of the company’s stock.

About Expensify

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.