Insider Buying: Expensify (NASDAQ:EXFY) Major Shareholder Purchases 500,000 Shares of Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven Mclaughlin bought 500,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were bought at an average price of $0.84 per share, for a total transaction of $420,000.00. Following the transaction, the insider directly owned 12,203,393 shares in the company, valued at $10,250,850.12. This trade represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Expensify Trading Up 2.6%

NASDAQ EXFY traded up $0.02 on Wednesday, hitting $0.77. 1,228,277 shares of the company were exchanged, compared to its average volume of 743,140. The company has a market cap of $62.00 million, a PE ratio of -3.19 and a beta of 1.74. The stock has a fifty day moving average of $1.25 and a 200-day moving average of $1.52. Expensify, Inc. has a 12 month low of $0.69 and a 12 month high of $3.60.

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

Institutional Trading of Expensify

Institutional investors and hedge funds have recently modified their holdings of 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 grew its holdings in Expensify by 5.6% during 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 in the last quarter. Balyasny Asset Management L.P. grew its holdings in Expensify by 126.1% during the fourth 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 in the last quarter. Abel Hall LLC purchased a new stake in Expensify in the 4th quarter valued at $25,000. Finally, Barclays PLC raised its position 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. 68.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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