CastleKnight Management LP Has $2.23 Million Stake in Expensify, Inc. (NASDAQ:EXFY)

CastleKnight Management LP boosted its holdings in Expensify, Inc. (NASDAQ:EXFY - Free Report) by 32.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 665,337 shares of the company's stock after purchasing an additional 161,137 shares during the period. CastleKnight Management LP owned approximately 0.86% of Expensify worth $2,229,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its stake in shares of Expensify by 0.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,218,204 shares of the company's stock valued at $7,431,000 after acquiring an additional 20,224 shares during the last quarter. Marshall Wace LLP grew its stake in Expensify by 72.0% in the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company's stock worth $4,824,000 after purchasing an additional 602,565 shares during the period. Formula Growth Ltd. grew its holdings in Expensify by 1.6% in the fourth quarter. Formula Growth Ltd. now owns 950,000 shares of the company's stock worth $3,182,000 after purchasing an additional 15,000 shares during the period. Topline Capital Management LLC purchased a new stake in shares of Expensify in the 4th quarter worth approximately $3,085,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in Expensify by 33.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 757,001 shares of the company's stock valued at $2,536,000 after buying an additional 190,345 shares during the last quarter. 68.42% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital dropped their target price on Expensify from $5.00 to $4.50 and set a "buy" rating on the stock in a research report on Friday.

Expensify Stock Performance

Shares of EXFY stock traded down $0.66 on Friday, reaching $2.40. 1,437,493 shares of the company were exchanged, compared to its average volume of 638,951. The company has a market cap of $192.90 million, a price-to-earnings ratio of -13.33 and a beta of 1.86. Expensify, Inc. has a 1 year low of $1.24 and a 1 year high of $4.13. The business has a 50-day moving average price of $3.02 and a 200 day moving average price of $3.18.

Expensify (NASDAQ:EXFY - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.09). Expensify had a negative return on equity of 14.72% and a negative net margin of 11.81%.

Expensify announced that its Board of Directors has authorized a stock buyback program on Thursday, February 27th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 20.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Expensify

In related news, Director Daniel Vidal sold 9,000 shares of the company's stock in a transaction on Friday, March 28th. The stock was sold at an average price of $3.15, for a total value of $28,350.00. Following the completion of the transaction, the director now directly owns 232,428 shares in the company, valued at approximately $732,148.20. This represents a 3.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Michael Barrett sold 31,781 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $3.43, for a total transaction of $109,008.83. Following the completion of the sale, the chief executive officer now owns 1,947,372 shares of the company's stock, valued at approximately $6,679,485.96. The trade was a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 280,921 shares of company stock worth $886,854 in the last three months. Insiders own 12.27% of the company's stock.

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.