Palogic Value Management L.P. Increases Stake in Expensify, Inc. $EXFY

Key Points

• Palogic Value Management L.P. increased its stake in Expensify by 31.5%, owning a total of 724,485 shares worth approximately $2.2 million after purchasing an additional 173,679 shares in the 1st quarter.
• Several institutional investors, including R Squared Ltd and OMERS ADMINISTRATION Corp, have also increased their holdings in Expensify during the same period.
• Expensify's stock currently trades at $1.96, with a market capitalization of approximately $157.88 million and a 52-week high of $4.13.

Palogic Value Management L.P. raised its position in shares of Expensify, Inc. (NASDAQ:EXFY - Free Report) by 31.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 724,485 shares of the company's stock after acquiring an additional 173,679 shares during the period. Palogic Value Management L.P. owned approximately 0.90% of Expensify worth $2,202,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in EXFY. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Expensify by 53.4% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 926,669 shares of the company's stock worth $2,817,000 after acquiring an additional 322,581 shares during the period. Tudor Investment Corp ET AL increased its holdings in Expensify by 2,760.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 289,717 shares of the company's stock valued at $971,000 after purchasing an additional 279,588 shares during the period. Informed Momentum Co LLC bought a new stake in Expensify during the first quarter valued at $676,000. 683 Capital Management LLC bought a new stake in Expensify during the fourth quarter valued at $740,000. Finally, BNP Paribas Financial Markets bought a new stake in Expensify during the fourth quarter valued at $667,000. Institutional investors own 68.42% of the company's stock.

Insider Activity

In related news, CEO David Michael Barrett sold 30,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $1.94, for a total transaction of $58,200.00. Following the transaction, the chief executive officer owned 1,498,480 shares in the company, valued at $2,907,051.20. The trade was a 1.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 86,271 shares of company stock valued at $189,017 in the last 90 days. 17.33% of the stock is currently owned by insiders.

Expensify Stock Up 1.3%

Shares of NASDAQ EXFY traded up $0.03 during mid-day trading on Thursday, reaching $1.91. 166,345 shares of the company were exchanged, compared to its average volume of 552,956. Expensify, Inc. has a 52 week low of $1.60 and a 52 week high of $4.13. The stock has a market capitalization of $153.45 million, a PE ratio of -11.91 and a beta of 1.72. The company's 50 day moving average price is $2.10 and its 200 day moving average price is $2.58.

Analysts Set New Price Targets

EXFY has been the topic of a number of research analyst reports. Lake Street Capital cut their price objective on shares of Expensify from $5.00 to $4.50 and set a "buy" rating on the stock in a research report on Friday, May 9th. BMO Capital Markets dropped 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 report on Friday, August 8th. Finally, Wall Street Zen raised shares of Expensify from a "hold" rating to a "buy" rating in a research report on Tuesday, August 19th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $4.00.

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.