Formula Growth Ltd. Raises Holdings in Expensify, Inc. (NASDAQ:EXFY)

Formula Growth Ltd. raised its holdings in Expensify, Inc. (NASDAQ:EXFY) by 1.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 950,000 shares of the company’s stock after purchasing an additional 15,000 shares during the quarter. Formula Growth Ltd.’s holdings in Expensify were worth $3,182,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Mariner LLC purchased a new stake in Expensify in the 4th quarter valued at about $34,000. SG Americas Securities LLC purchased a new stake in shares of Expensify in the 4th quarter valued at approximately $39,000. R Squared Ltd acquired a new position in shares of Expensify in the 4th quarter worth approximately $46,000. Quantbot Technologies LP purchased a new position in shares of Expensify during the 4th quarter worth approximately $68,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Expensify during the 4th quarter worth approximately $91,000. Institutional investors and hedge funds own 68.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Lake Street Capital boosted their target price on Expensify from $3.00 to $5.00 and gave the company a “buy” rating in a research report on Friday, February 28th.

Insider Activity

In other news, Director Daniel Vidal sold 9,000 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $3.15, for a total value of $28,350.00. Following the sale, the director now directly owns 232,428 shares in the company, valued at approximately $732,148.20. This trade represents a 3.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Michael Barrett sold 36,289 shares of Expensify stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $3.32, for a total value of $120,479.48. Following the completion of the transaction, the chief executive officer now owns 2,110,914 shares of the company’s stock, valued at approximately $7,008,234.48. This trade represents a 1.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 264,425 shares of company stock valued at $864,760. 17.33% of the stock is currently owned by company insiders.

Expensify Price Performance

NASDAQ EXFY opened at $2.78 on Friday. The company has a market cap of $221.03 million, a P/E ratio of -15.44 and a beta of 1.87. The stock has a 50-day moving average of $3.23 and a two-hundred day moving average of $3.06. Expensify, Inc. has a 1-year low of $1.24 and a 1-year high of $4.13.

Expensify announced that its board has authorized a share buyback program on Thursday, February 27th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 20.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Expensify 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.