Expensify (NASDAQ:EXFY) Stock Jumps 2.4% – Here’s Why

Expensify, Inc. (NASDAQ:EXFY) traded up 2.4% during mid-day trading on Wednesday. The stock traded as high as $2.67 and last traded at $2.61. Approximately 521,802 shares were traded during trading, an increase of 17% from the average daily volume of 445,798 shares. The stock had previously closed at $2.55.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup upgraded shares of Expensify from a “market outperform” rating to an “outperform” rating in a research report on Friday, August 7th. Wall Street Zen upgraded Expensify from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Citizens Jmp raised Expensify from a “market perform” rating to an “outperform” rating and set a $3.00 target price for the company in a research note on Friday, August 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Expensify in a report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $3.00.

Expensify Stock Up 1.6%

The company has a market cap of $204.45 million, a price-to-earnings ratio of -15.23 and a beta of 1.73. The business has a fifty day simple moving average of $2.39 and a 200 day simple moving average of $1.75.

Expensify (NASDAQ:EXFY) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.06). The company had revenue of $33.87 million for the quarter, compared to analyst estimates of $33.70 million. Expensify had a negative return on equity of 11.54% and a negative net margin of 11.31%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Howard Financial Services LTD. purchased a new position in Expensify in the third quarter valued at about $27,000. Renaissance Technologies LLC boosted its stake in shares of Expensify by 6.7% during the 1st quarter. Renaissance Technologies LLC now owns 725,000 shares of the company’s stock worth $631,000 after acquiring an additional 45,400 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Expensify during the 2nd quarter worth approximately $198,000. Finally, Pale Fire Capital SE purchased a new stake in shares of Expensify during the 1st quarter worth approximately $418,000. 68.42% of the stock is currently owned by institutional investors and hedge funds.

About Expensify

Expensify, Inc develops cloud-based software for expense management and business payments. Its platform enables users and organizations to capture receipts, create and submit expense reports, automate approval workflows, and reimburse employees. Expensify also provides tools for invoicing, bill payment, corporate cards, and accounting-related processes.

The company’s services are designed for individuals, small and midsize businesses, enterprises, accountants, and other organizations seeking to automate financial administration.