Expensify (NASDAQ:EXFY) Stock Price Down 3.4% – Time to Sell?

Shares of Expensify, Inc. (NASDAQ:EXFY) fell 3.4% on Thursday . The company traded as low as $1.68 and last traded at $1.70. 803,531 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 2,461,806 shares. The stock had previously closed at $1.76.

Analysts Set New Price Targets

A number of research firms have recently commented on EXFY. Weiss Ratings raised Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Wall Street Zen raised Expensify from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Expensify has a consensus rating of “Reduce” and an average price target of $2.50.

Expensify Stock Performance

The company has a market cap of $143.28 million, a price-to-earnings ratio of -7.39 and a beta of 1.68. The company has a fifty day moving average of $1.23 and a two-hundred day moving average of $1.20.

Expensify (NASDAQ:EXFY) last issued its earnings results on Thursday, May 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Expensify had a negative return on equity of 15.26% and a negative net margin of 14.68%.The firm had revenue of $33.97 million during the quarter, compared to analyst estimates of $34.25 million.

Insider Buying and Selling

In other Expensify news, CEO David Michael Barrett sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.15, for a total value of $34,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,228,480 shares in the company, valued at approximately $1,412,752. This represents a 2.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Divo Carlos Eduardo Alvarez sold 30,728 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $1.01, for a total transaction of $31,035.28. Following the completion of the transaction, the director owned 254,780 shares of the company’s stock, valued at approximately $257,327.80. This trade represents a 10.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,728 shares of company stock worth $109,235 over the last three months. Insiders own 11.65% of the company’s stock.

Institutional Trading of Expensify

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its stake in shares of Expensify by 134.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock valued at $3,435,000 after purchasing an additional 759,982 shares during the period. Millennium Management LLC grew its stake in 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 purchasing an additional 714,244 shares during the period. Pale Fire Capital SE bought a new stake in Expensify in the first quarter worth approximately $418,000. Vanguard Group Inc. increased its holdings in Expensify by 4.5% in the third 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 in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Expensify in the fourth quarter valued at approximately $240,000. 68.42% of the stock is currently owned by institutional investors and hedge funds.

About Expensify

Expensify, traded on NASDAQ under the ticker EXFY, is a software-as-a-service (SaaS) company specializing in automated expense management and reporting. Its flagship platform enables employees to capture receipts via mobile app or email, automatically extract expense details through optical character recognition (OCR) and artificial intelligence, and submit streamlined expense reports. The solution is designed to eliminate manual data entry and reduce approval cycle times, serving a broad range of industries from small businesses to large enterprises.

Founded in 2008 by entrepreneur David Barrett, Expensify has grown from a simple receipt-scanning app into a comprehensive spend management suite.