Steven J. Mclaughlin Purchases 418,446 Shares of Expensify, Inc. (NASDAQ:EXFY) Stock

Expensify, Inc. (NASDAQ:EXFY) major shareholder Steven J. Mclaughlin bought 418,446 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were acquired at an average price of $1.56 per share, for a total transaction of $652,775.76. Following the acquisition, the insider now owns 9,434,282 shares in the company, valued at approximately $14,717,479.92. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Expensify Stock Performance

Shares of NASDAQ:EXFY opened at $1.62 on Thursday. Expensify, Inc. has a fifty-two week low of $1.40 and a fifty-two week high of $8.25. The business has a 50-day simple moving average of $1.80 and a two-hundred day simple moving average of $2.08. The firm has a market cap of $114.34 million, a price-to-earnings ratio of -3.18 and a beta of 1.49.

Expensify (NASDAQ:EXFY) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.06). The business had revenue of $35.20 million for the quarter, compared to analysts’ expectations of $36.85 million. Expensify had a negative net margin of 27.70% and a negative return on equity of 41.91%. Expensify’s revenue for the quarter was down 19.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) EPS. As a group, research analysts predict that Expensify, Inc. will post -0.19 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EXFY shares. Citigroup lowered their price target on Expensify from $5.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday, April 23rd. Piper Sandler lowered their price target on Expensify from $3.00 to $2.00 and set a “neutral” rating for the company in a research report on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $5.93.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SVB Wealth LLC grew its stake in shares of Expensify by 63.9% during the 4th quarter. SVB Wealth LLC now owns 3,359,037 shares of the company’s stock valued at $8,297,000 after acquiring an additional 1,309,037 shares during the period. Palogic Value Management L.P. boosted its stake in Expensify by 33.3% in the 4th quarter. Palogic Value Management L.P. now owns 800,000 shares of the company’s stock worth $1,976,000 after purchasing an additional 200,000 shares during the period. Walleye Capital LLC boosted its position in shares of Expensify by 396.1% during the 3rd quarter. Walleye Capital LLC now owns 714,537 shares of the company’s stock valued at $2,322,000 after acquiring an additional 570,495 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Expensify by 15.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 220,490 shares of the company’s stock valued at $717,000 after acquiring an additional 29,131 shares during the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of Expensify by 57,044.0% during the 4th quarter. Federated Hermes Inc. now owns 161,146 shares of the company’s stock valued at $398,000 after acquiring an additional 160,864 shares during the last quarter. 68.42% of the stock is currently owned by institutional investors.

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.