Insider Buying: Expensify (NASDAQ:EXFY) Major Shareholder Buys 480,389 Shares of Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven Mclaughlin acquired 480,389 shares of Expensify stock in a transaction dated Friday, March 6th. The stock was purchased at an average price of $0.96 per share, for a total transaction of $461,173.44. Following the completion of the acquisition, the insider directly owned 11,247,482 shares in the company, valued at approximately $10,797,582.72. This represents a 4.46% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

Expensify Price Performance

Shares of Expensify stock traded up $0.02 during trading on Wednesday, hitting $0.77. 1,228,277 shares of the stock were exchanged, compared to its average volume of 743,140. The firm’s 50-day moving average price is $1.25 and its 200 day moving average price is $1.52. The stock has a market cap of $62.00 million, a price-to-earnings ratio of -3.19 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 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 net margin of 15.05% and a negative return on equity of 16.00%. The business had revenue of $35.20 million during the quarter, compared to analysts’ expectations of $35.50 million.

Institutional Trading of Expensify

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Expensify in a report on Monday, December 29th. Wall Street Zen cut Expensify from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Expensify presently has an average 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.