Palogic Value Management L.P. Lowers Stock Position in Expensify, Inc. $EXFY

Key Points

• Palogic Value Management L.P. reduced its holdings in Expensify, Inc. by 26.6% in Q1, now owning about 0.50% of the company, totaling $1,230,000 in value.
• Several institutional investors, including Tower Research Capital and Victory Capital Management, have recently increased or established positions in Expensify, leading to a total of 68.42% of the stock being owned by institutional entities.
• Wall Street analysts have a mixed outlook on Expensify, with price targets ranging from $2.50 to $4.00 and ratings varying from "buy" to "hold," indicating a current average rating of "Moderate Buy."

Palogic Value Management L.P. lowered its stake in Expensify, Inc. (NASDAQ:EXFY - Free Report) by 26.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 404,485 shares of the company's stock after selling 146,321 shares during the quarter. Palogic Value Management L.P. owned about 0.50% of Expensify worth $1,230,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Expensify in the first quarter valued at about $142,000. Millennium Management LLC lifted its position in Expensify by 103.2% in the first quarter. Millennium Management LLC now owns 1,406,476 shares of the company's stock valued at $4,276,000 after buying an additional 714,244 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in Expensify by 261.8% in the first quarter. Cubist Systematic Strategies LLC now owns 117,397 shares of the company's stock valued at $357,000 after buying an additional 84,948 shares during the last quarter. State of Wyoming lifted its position in Expensify by 142.7% in the first quarter. State of Wyoming now owns 127,093 shares of the company's stock valued at $386,000 after buying an additional 74,729 shares during the last quarter. Finally, Topline Capital Management LLC lifted its position in Expensify by 2.2% in the first quarter. Topline Capital Management LLC now owns 941,609 shares of the company's stock valued at $2,862,000 after buying an additional 20,662 shares during the last quarter. Institutional investors and hedge funds own 68.42% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Wall Street Zen upgraded shares of Expensify from a "hold" rating to a "buy" rating in a research note on Tuesday, August 19th. BMO Capital Markets cut their price target on shares of Expensify from $3.00 to $2.50 and set a "market perform" rating on the stock in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Expensify has an average rating of "Moderate Buy" and an average target price of $4.00.

Insider Activity at Expensify

In other Expensify news, COO Anuradha Muralidharan sold 25,245 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $1.94, for a total value of $48,975.30. Following the transaction, the chief operating officer directly owned 61,041 shares in the company, valued at $118,419.54. This represents a 29.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $1.92, for a total transaction of $57,600.00. Following the completion of the transaction, the chief executive officer owned 1,468,480 shares in the company, valued at $2,819,481.60. This represents a 2.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 141,516 shares of company stock worth $295,592 over the last quarter. 12.27% of the stock is currently owned by insiders.

Expensify Price Performance

Shares of EXFY stock traded down $0.04 during trading hours on Friday, reaching $1.92. 344,047 shares of the stock were exchanged, compared to its average volume of 479,973. The business's fifty day moving average is $2.01 and its two-hundred day moving average is $2.50. Expensify, Inc. has a 12-month low of $1.60 and a 12-month high of $4.13. The firm has a market capitalization of $154.66 million, a P/E ratio of -12.00 and a beta of 1.72.

Expensify 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.