Insider Buying: Expensify (NASDAQ:EXFY) Major Shareholder Acquires 455,911 Shares of Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven Mclaughlin purchased 455,911 shares of Expensify stock in a transaction dated Monday, March 9th. The shares were purchased at an average price of $0.95 per share, with a total value of $433,115.45. Following the completion of the acquisition, the insider owned 11,703,393 shares in the company, valued at $11,118,223.35. The trade was a 4.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Expensify Price Performance

NASDAQ:EXFY traded up $0.02 during mid-day trading on Wednesday, reaching $0.77. The stock had a trading volume of 1,228,277 shares, compared to its average volume of 743,140. The stock has a market cap of $62.00 million, a P/E ratio of -3.19 and a beta of 1.74. The business’s 50 day moving average is $1.25 and its 200 day moving average is $1.52. Expensify, Inc. has a fifty-two week low of $0.69 and a fifty-two week high of $3.60.

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

Hedge Funds Weigh In On Expensify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp bought a new position in shares of Expensify in the fourth quarter valued at approximately $240,000. XTX Topco Ltd lifted its stake in shares of Expensify by 5.6% in the fourth quarter. XTX Topco Ltd now owns 191,397 shares of the company’s stock worth $289,000 after buying an additional 10,150 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Expensify by 126.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 31,615 shares of the company’s stock worth $48,000 after buying an additional 17,634 shares during the period. Abel Hall LLC bought a new stake in shares of Expensify during the 4th quarter worth $25,000. Finally, Barclays PLC grew its stake in Expensify by 7.2% in the 4th quarter. Barclays PLC now owns 134,689 shares of the company’s stock valued at $203,000 after buying an additional 9,080 shares during the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.

Wall Street Analysts Forecast Growth

EXFY has been the subject of a number of recent research reports. Wall Street Zen cut shares of Expensify from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Expensify in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.50.

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.