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

Expensify, Inc. (NASDAQ:EXFY - Get Free Report) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 599,000 shares, a growth of 21.4% from the March 15th total of 493,600 shares. Approximately 1.0% of the company's shares are sold short. Based on an average daily trading volume, of 418,300 shares, the days-to-cover ratio is presently 1.4 days.

Expensify Trading Up 2.6 %

EXFY stock traded up $0.08 on Friday, hitting $2.97. The company's stock had a trading volume of 74,931 shares, compared to its average volume of 643,141. Expensify has a 1 year low of $1.24 and a 1 year high of $4.13. The stock has a market cap of $235.74 million, a price-to-earnings ratio of -16.53 and a beta of 1.87. The firm has a 50 day moving average of $3.14 and a two-hundred day moving average of $3.09.

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

Analysts Set New Price Targets

Separately, Lake Street Capital boosted their target price on shares of Expensify from $3.00 to $5.00 and gave the stock a "buy" rating in a research note on Friday, February 28th.

Insider Activity at Expensify

In other news, Director Daniel Vidal sold 9,000 shares of the business's stock in a transaction dated 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 transaction, the director now directly owns 232,428 shares of the company's stock, valued at approximately $732,148.20. The trade was a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO David Michael Barrett sold 45,643 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total transaction of $167,966.24. Following the completion of the sale, the chief executive officer now directly owns 2,026,590 shares in the company, valued at approximately $7,457,851.20. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 280,921 shares of company stock worth $886,854. 17.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Expensify

Hedge funds have recently modified their holdings of the stock. Topline Capital Management LLC purchased a new position in Expensify during the 4th quarter worth $3,085,000. Marshall Wace LLP lifted its position in Expensify by 72.0% in the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company's stock valued at $4,824,000 after purchasing an additional 602,565 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Expensify by 814.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,088 shares of the company's stock valued at $2,024,000 after purchasing an additional 537,993 shares in the last quarter. Tudor Investment Corp ET AL increased its position in Expensify by 2,760.3% during the 4th quarter. Tudor Investment Corp ET AL now owns 289,717 shares of the company's stock worth $971,000 after purchasing an additional 279,588 shares during the period. Finally, 683 Capital Management LLC acquired a new stake in shares of Expensify in the 4th quarter valued at approximately $740,000. 68.42% of the stock is owned by institutional investors and hedge funds.

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.