Expensify (NASDAQ:EXFY) Shares Down 3.4% – Should You Sell?

Expensify, Inc. (NASDAQ:EXFY) shares fell 3.4% on Thursday . The stock traded as low as $1.68 and last traded at $1.70. Approximately 803,531 shares changed hands during trading, a decline of 67% from the average session volume of 2,461,806 shares. The stock had previously closed at $1.76.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Expensify from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings raised shares of Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $2.50.

Expensify Price Performance

The company has a market cap of $143.28 million, a P/E ratio of -7.39 and a beta of 1.68. The company has a 50 day moving average of $1.25 and a 200-day moving average of $1.21.

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

Insider Activity

In related news, Director Divo Carlos Eduardo Alvarez sold 30,728 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $1.01, for a total value of $31,035.28. Following the transaction, the director directly owned 254,780 shares in the company, valued at approximately $257,327.80. This represents a 10.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.15, for a total transaction of $34,500.00. Following the completion of the sale, the chief executive officer directly owned 1,228,480 shares in the company, valued at $1,412,752. This represents a 2.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,728 shares of company stock valued at $109,235 in the last three months. 11.65% of the stock is owned by insiders.

Institutional Trading of Expensify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC grew its position in Expensify by 103.2% in the first quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock worth $4,276,000 after acquiring an additional 714,244 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Expensify during the first quarter valued at about $142,000. Geode Capital Management LLC raised its position in Expensify by 134.2% during the second quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock valued at $3,435,000 after purchasing an additional 759,982 shares in the last quarter. American Century Companies Inc. lifted its stake in Expensify by 22.0% during the second quarter. American Century Companies Inc. now owns 121,441 shares of the company’s stock worth $315,000 after purchasing an additional 21,912 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Expensify in the 2nd quarter worth about $157,000. Hedge funds and other 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.