Expensify (NASDAQ:EXFY) Releases Earnings Results

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

Expensify Stock Down 12.7%

Shares of Expensify stock traded down $0.20 during trading hours on Friday, reaching $1.37. 705,448 shares of the stock traded hands, compared to its average volume of 420,498. Expensify has a one year low of $1.35 and a one year high of $4.13. The firm has a market capitalization of $110.35 million, a price-to-earnings ratio of -8.06 and a beta of 1.69. The company has a 50 day moving average price of $1.78 and a 200 day moving average price of $2.11.

Insider Buying and Selling

In other news, CEO David Michael Barrett sold 30,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $1.60, for a total value of $48,000.00. Following the completion of the sale, the chief executive officer directly owned 1,408,480 shares in the company, valued at $2,253,568. This represents a 2.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Anuradha Muralidharan sold 25,245 shares of the firm’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $1.94, for a total value of $48,975.30. Following the completion of the transaction, the chief operating officer directly owned 61,041 shares in the company, valued at approximately $118,419.54. This represents a 29.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 147,167 shares of company stock worth $270,131. 12.27% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Analyst Ratings Changes

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

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.