Expensify, Inc. (NASDAQ:EXFY) Short Interest Down 49.8% in July

Expensify, Inc. (NASDAQ:EXFY) saw a large drop in short interest in July. As of July 15th, there was short interest totaling 749,354 shares, a drop of 49.8% from the June 30th total of 1,491,932 shares. Based on an average daily volume of 1,288,884 shares, the days-to-cover ratio is presently 0.6 days. Currently, 1.0% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Expensify from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Expensify presently has a consensus rating of “Reduce” and an average target price of $2.50.

Insider Activity

In other news, CEO David Michael Barrett sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1.15, for a total transaction of $34,500.00. Following the sale, the chief executive officer directly owned 1,228,480 shares in the company, valued at approximately $1,412,752. The trade was a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 70,000 shares of company stock worth $78,200 in the last quarter. Insiders own 11.65% of the company’s stock.

Institutional Trading of Expensify

Several large investors have recently added to or reduced their stakes in EXFY. Abel Hall LLC acquired a new stake in shares of Expensify during the fourth quarter worth approximately $25,000. SG Americas Securities LLC acquired a new position in shares of Expensify in the 4th quarter worth approximately $27,000. Franklin Resources Inc. bought a new stake in Expensify during the 3rd quarter worth approximately $34,000. Balyasny Asset Management L.P. grew its position in Expensify by 126.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 31,615 shares of the company’s stock worth $48,000 after acquiring an additional 17,634 shares during the last quarter. Finally, Prentiss Smith & Co. Inc. acquired a new stake in Expensify during the 4th quarter valued at $49,000. 68.42% of the stock is owned by institutional investors.

Expensify Stock Performance

Shares of NASDAQ EXFY traded down $0.03 during midday trading on Tuesday, reaching $1.78. 125,107 shares of the company traded hands, compared to its average volume of 1,003,464. The firm has a market cap of $150.44 million, a PE ratio of -7.76 and a beta of 1.68. The stock’s 50-day simple moving average is $1.49 and its 200-day simple moving average is $1.24. Expensify has a 12 month low of $0.69 and a 12 month high of $2.25.

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

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.