Expensify, Inc. (NASDAQ:EXFY) Short Interest Update

Key Points

• Short interest rose 36.1% to 3,543,978 shares as of March 13, implying a short-interest ratio of about 3.0 days and that roughly 5.3% of Expensify's stock is sold short.
• Significant insider activity: major shareholder Steven J. McLaughlin bought 500,000 shares at $0.84 (a 4.27% increase to 12.2M shares), while CEO David Barrett sold 30,000 shares at $1.45; insiders have net purchased ~2.26M shares over the last three months and now own 12.27% of the company.
• Weak quarterly results and low market valuation: Expensify reported a ($0.08) EPS miss vs. a $0.05 estimate and revenue of $35.2M (slightly below expectations), with the stock trading near $0.81 (market cap ~$65.6M) and an average analyst rating of "Hold" with a $3.50 consensus price target.

Expensify, Inc. (NASDAQ:EXFY - Get Free Report) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 3,543,978 shares, an increase of 36.1% from the February 26th total of 2,604,818 shares. Based on an average daily trading volume, of 1,186,696 shares, the short-interest ratio is currently 3.0 days. Approximately 5.3% of the company's stock are sold short.

Expensify Price Performance

NASDAQ EXFY traded down $0.03 on Friday, hitting $0.81. The stock had a trading volume of 909,349 shares, compared to its average volume of 1,310,130. The stock has a market cap of $65.59 million, a price-to-earnings ratio of -3.38 and a beta of 1.74. Expensify has a 52-week low of $0.69 and a 52-week high of $3.33. The business's fifty day moving average price is $1.15 and its 200 day moving average price is $1.46.

Expensify (NASDAQ:EXFY - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.13). Expensify had a negative return on equity of 16.00% and a negative net margin of 15.05%.The business had revenue of $35.20 million for the quarter, compared to analysts' expectations of $35.50 million.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on EXFY shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Expensify in a research report on Monday, December 29th. Wall Street Zen raised shares of Expensify from a "sell" rating to a "hold" rating in a report on Saturday, March 21st. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $3.50.

Insider Activity

In other news, major shareholder Steven J. Mclaughlin bought 500,000 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were purchased at an average price of $0.84 per share, for a total transaction of $420,000.00. Following the completion of the purchase, the insider owned 12,203,393 shares in the company, valued at approximately $10,250,850.12. This represents a 4.27% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.45, for a total value of $43,500.00. Following the sale, the chief executive officer directly owned 1,318,480 shares in the company, valued at $1,911,796. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have purchased 2,263,444 shares of company stock worth $2,132,976 and have sold 94,004 shares worth $140,056. Corporate insiders own 12.27% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Abel Hall LLC purchased a new stake in Expensify in the fourth quarter valued at approximately $25,000. SG Americas Securities LLC purchased a new stake in Expensify in the 4th quarter worth $27,000. Savant Capital LLC acquired a new position in shares of Expensify during the 3rd quarter worth about $30,000. Police & Firemen s Retirement System of New Jersey purchased a new position in Expensify in the 2nd quarter valued at about $32,000. Finally, Franklin Resources Inc. purchased a new position in Expensify in the 3rd quarter valued at about $34,000. 68.42% of the stock is currently owned by hedge funds and other institutional investors.

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.

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