Pale Fire Capital SE Cuts Position in Expensify, Inc. $EXFY

Pale Fire Capital SE lowered its stake in shares of Expensify, Inc. (NASDAQ:EXFY) by 72.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 134,409 shares of the company’s stock after selling 346,642 shares during the period. Pale Fire Capital SE owned about 0.17% of Expensify worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of EXFY. Abel Hall LLC purchased a new position in Expensify in the 4th quarter valued at approximately $25,000. Franklin Resources Inc. acquired a new position in Expensify during the third quarter worth about $34,000. Balyasny Asset Management L.P. raised its position 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 acquiring an additional 17,634 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Expensify in the second quarter valued at about $85,000. Finally, Prelude Capital Management LLC grew its position in shares of Expensify by 68.5% in the third quarter. Prelude Capital Management LLC now owns 36,400 shares of the company’s stock valued at $67,000 after purchasing an additional 14,800 shares during the last quarter. 68.42% of the stock is currently owned by institutional investors and hedge funds.

Expensify Stock Down 1.2%

EXFY stock opened at $2.46 on Thursday. The stock has a market capitalization of $194.19 million, a price-to-earnings ratio of -14.47 and a beta of 1.72. Expensify, Inc. has a 52-week low of $0.69 and a 52-week high of $2.81. The stock’s fifty day simple moving average is $2.05 and its 200-day simple moving average is $1.40.

Expensify (NASDAQ:EXFY) last released its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.06). Expensify had a negative return on equity of 11.54% and a negative net margin of 11.31%.The business had revenue of $33.87 million for the quarter, compared to analysts’ expectations of $33.70 million.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EXFY shares. Citizens Jmp raised Expensify from a “market perform” rating to an “outperform” rating and set a $3.00 target price on the stock in a research note on Friday, August 7th. Weiss Ratings raised Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 1st. Citigroup raised Expensify from a “market outperform” rating to an “outperform” rating in a report on Friday, August 7th. Finally, Wall Street Zen raised Expensify from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $3.00.

Expensify Company Profile

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.