Hillsdale Investment Management Inc. Purchases New Stake in Expensify, Inc. (NASDAQ:EXFY)

Hillsdale Investment Management Inc. acquired a new position in shares of Expensify, Inc. (NASDAQ:EXFY) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 87,397 shares of the company’s stock, valued at approximately $293,000. Hillsdale Investment Management Inc. owned approximately 0.11% of Expensify as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. boosted its position in shares of Expensify by 67.7% during the 4th quarter. American Century Companies Inc. now owns 68,228 shares of the company’s stock worth $229,000 after acquiring an additional 27,541 shares in the last quarter. Quantbot Technologies LP acquired a new position in Expensify during the fourth quarter valued at approximately $68,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Expensify by 814.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,088 shares of the company’s stock worth $2,024,000 after purchasing an additional 537,993 shares during the last quarter. Ceera Investments LLC boosted its holdings in shares of Expensify by 1.0% in the 4th quarter. Ceera Investments LLC now owns 439,330 shares of the company’s stock valued at $1,472,000 after purchasing an additional 4,330 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Expensify by 2.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,976 shares of the company’s stock valued at $1,062,000 after purchasing an additional 8,911 shares during the last quarter. 68.42% of the stock is owned by institutional investors.

Insider Transactions at Expensify

In related news, CEO David Michael Barrett sold 32,473 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $3.41, for a total value of $110,732.93. Following the sale, the chief executive officer now owns 2,147,203 shares of the company’s stock, valued at $7,321,962.23. The trade was a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last three months, insiders have sold 260,133 shares of company stock worth $889,951. Insiders own 17.33% of the company’s stock.

Expensify Stock Up 3.1 %

Shares of EXFY opened at $3.35 on Tuesday. The stock has a market cap of $266.35 million, a PE ratio of -18.61 and a beta of 1.83. Expensify, Inc. has a 12-month low of $1.24 and a 12-month high of $4.13. The business has a 50-day simple moving average of $3.51 and a two-hundred day simple moving average of $2.98.

Expensify announced that its Board of Directors has authorized a stock repurchase plan on Thursday, February 27th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 20.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

EXFY has been the subject of several recent analyst reports. Citigroup upped their price objective on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. JMP Securities cut shares of Expensify from an “outperform” rating to a “market perform” rating in a report on Monday, November 25th. Finally, Lake Street Capital lifted their price target on shares of Expensify from $3.00 to $5.00 and gave the company a “buy” rating in a report on Friday, February 28th.

About Expensify

Expensify, Inc provides a cloud-based expense management software platform to individuals and corporations, small and midsized businesses, and enterprises in the United States and internationally. The company’s platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel.