Expensify (NASDAQ:EXFY) Issues Quarterly Earnings Results

Expensify (NASDAQ:EXFY) announced its quarterly earnings data on Thursday. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.08), Zacks reports. Expensify had a negative net margin of 10.83% and a negative return on equity of 11.85%. The firm had revenue of $35.07 million during the quarter, compared to analysts’ expectations of $35.65 million.

Expensify Stock Performance

Shares of EXFY stock traded down $0.20 during mid-day trading on Friday, hitting $1.37. 705,448 shares of the stock were exchanged, compared to its average volume of 420,498. The stock’s fifty day simple moving average is $1.78 and its two-hundred day simple moving average is $2.11. Expensify has a 12-month low of $1.35 and a 12-month high of $4.13.

Insider Activity

In other news, COO Anuradha Muralidharan sold 14,961 shares of the stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $1.94, for a total value of $29,024.34. Following the completion of the sale, the chief operating officer directly owned 58,475 shares of the company’s stock, valued at approximately $113,441.50. This represents a 20.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Michael Barrett sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $1.60, for a total transaction of $48,000.00. Following the transaction, the chief executive officer owned 1,408,480 shares in the company, valued at approximately $2,253,568. This trade represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 147,167 shares of company stock valued at $270,131 over the last three months. Company insiders own 12.27% of the company’s stock.

Institutional Trading of Expensify

A number of large investors have recently bought and sold shares of EXFY. Vanguard Group Inc. grew its position in Expensify by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 4,543,639 shares of the company’s stock worth $8,406,000 after purchasing an additional 197,702 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Expensify by 103.2% during the first quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock worth $4,276,000 after buying an additional 714,244 shares during the period. Geode Capital Management LLC grew its holdings in shares of Expensify by 134.2% during the second quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock worth $3,435,000 after buying an additional 759,982 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Expensify by 22.0% during the second quarter. American Century Companies Inc. now owns 121,441 shares of the company’s stock worth $315,000 after buying an additional 21,912 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Expensify by 72.2% in the 2nd quarter. Bank of America Corp DE now owns 112,078 shares of the company’s stock valued at $290,000 after acquiring an additional 46,999 shares during the period. Institutional investors and hedge funds own 68.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EXFY. Wall Street Zen upgraded shares of Expensify from a “hold” rating to a “buy” rating in a research note on Tuesday, August 19th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Expensify in a research report on Wednesday, October 8th. Finally, BMO Capital Markets dropped their price objective on Expensify from $3.00 to $2.50 and set a “market perform” rating on the stock in a report on Friday, August 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $4.00.

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.