Bank of New York Mellon Corp Makes New Investment in Expensify, Inc. (NASDAQ:EXFY)

Bank of New York Mellon Corp acquired a new stake in Expensify, Inc. (NASDAQ:EXFY) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 51,988 shares of the company’s stock, valued at approximately $174,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Expensify in the 4th quarter valued at about $39,000. R Squared Ltd purchased a new position in shares of Expensify in the fourth quarter valued at approximately $46,000. Dynamic Technology Lab Private Ltd increased its stake in Expensify by 100.6% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company’s stock worth $88,000 after buying an additional 22,504 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Expensify by 76.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company’s stock worth $130,000 after buying an additional 28,731 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in Expensify by 29.6% in the 3rd quarter. XTX Topco Ltd now owns 68,789 shares of the company’s stock valued at $135,000 after buying an additional 15,730 shares during the period. Hedge funds and other institutional investors own 68.42% of the company’s stock.

Insider Buying and Selling at Expensify

In related news, CEO David Michael Barrett sold 32,473 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $3.41, for a total value of $110,732.93. Following the completion of the transaction, the chief executive officer now directly owns 2,147,203 shares of the company’s stock, valued at $7,321,962.23. This represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 260,133 shares of company stock worth $889,951 over the last ninety days. Corporate insiders own 17.33% of the company’s stock.

Expensify Trading Down 6.0 %

Shares of EXFY opened at $3.11 on Friday. The firm has a market capitalization of $247.27 million, a price-to-earnings ratio of -17.28 and a beta of 1.83. The firm’s fifty day simple moving average is $3.51 and its 200-day simple moving average is $3.00. Expensify, Inc. has a twelve month low of $1.24 and a twelve month high of $4.13.

Expensify declared that its board has approved a share buyback plan on Thursday, February 27th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 20.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently weighed in on EXFY shares. Lake Street Capital upped their price objective on Expensify from $3.00 to $5.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Citigroup upped their price target on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th.

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.