Short Interest in Expensify, Inc. (NASDAQ:EXFY) Expands By 21.4%

Expensify, Inc. (NASDAQ:EXFY) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 599,000 shares, an increase of 21.4% from the March 15th total of 493,600 shares. Based on an average trading volume of 418,300 shares, the days-to-cover ratio is currently 1.4 days. Currently, 1.0% of the shares of the company are short sold.

Insider Buying and Selling at Expensify

In other news, CEO David Michael Barrett sold 45,643 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $3.68, for a total value of $167,966.24. Following the transaction, the chief executive officer now owns 2,026,590 shares of the company’s stock, valued at $7,457,851.20. This trade represents a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel Vidal sold 9,000 shares of the stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $3.15, for a total transaction of $28,350.00. Following the completion of the sale, the director now directly owns 232,428 shares of the company’s stock, valued at $732,148.20. This represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 264,425 shares of company stock valued at $864,760. 17.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in EXFY. Mariner LLC purchased a new position in shares of Expensify in the 4th quarter worth approximately $34,000. Tower Research Capital LLC TRC boosted its stake in shares of Expensify by 1,194.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company’s stock worth $36,000 after purchasing an additional 9,997 shares during the period. SG Americas Securities LLC bought a new position in Expensify during the 4th quarter valued at about $39,000. Alpine Global Management LLC purchased a new stake in shares of Expensify in the fourth quarter worth approximately $40,000. Finally, R Squared Ltd bought a new position in shares of Expensify in the fourth quarter worth about $46,000. Institutional investors own 68.42% of the company’s stock.

Analysts Set New Price Targets

Separately, Lake Street Capital boosted their price target on Expensify from $3.00 to $5.00 and gave the stock a “buy” rating in a report on Friday, February 28th.

Expensify Stock Down 0.4 %

NASDAQ EXFY traded down $0.01 during trading on Monday, hitting $2.77. 414,246 shares of the stock traded hands, compared to its average volume of 649,556. The company has a market capitalization of $220.23 million, a P/E ratio of -15.39 and a beta of 1.87. Expensify has a 12-month low of $1.24 and a 12-month high of $4.13. The firm has a 50-day simple moving average of $3.23 and a 200-day simple moving average of $3.08.

Expensify announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 27th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 20.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Expensify Company Profile

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.