American International Group Inc. Acquires Shares of 26,587 Expensify, Inc. (NASDAQ:EXFY)

American International Group Inc. acquired a new stake in shares of Expensify, Inc. (NASDAQ:EXFY) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 26,587 shares of the company’s stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EXFY. Royal Bank of Canada raised its holdings in shares of Expensify by 117.8% in the third quarter. Royal Bank of Canada now owns 2,178 shares of the company’s stock valued at $33,000 after buying an additional 1,178 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Expensify in the second quarter valued at about $51,000. UBS Group AG bought a new position in shares of Expensify in the third quarter valued at about $56,000. Harbor Capital Advisors Inc. bought a new position in shares of Expensify in the second quarter valued at about $72,000. Finally, State of Wyoming bought a new position in shares of Expensify in the fourth quarter valued at about $76,000. 56.70% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Expensify news, Director Timothy L. Christen bought 47,050 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was acquired at an average cost of $2.13 per share, with a total value of $100,216.50. Following the purchase, the director now owns 91,834 shares in the company, valued at $195,606.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO David Michael Barrett sold 30,000 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $1.80, for a total transaction of $54,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,624,021 shares of the company’s stock, valued at approximately $4,723,237.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Timothy L. Christen bought 47,050 shares of the stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average cost of $2.13 per share, with a total value of $100,216.50. Following the completion of the purchase, the director now owns 91,834 shares in the company, valued at approximately $195,606.42. The disclosure for this purchase can be found here. In the last three months, insiders sold 449,900 shares of company stock valued at $1,677,028. 20.32% of the stock is owned by corporate insiders.

Expensify Stock Performance

Shares of EXFY stock opened at $2.49 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.44 and a quick ratio of 2.44. The stock has a market cap of $172.30 million, a PE ratio of -5.41 and a beta of 1.51. The stock has a 50-day moving average of $2.92 and a 200-day moving average of $5.19. Expensify, Inc. has a one year low of $1.52 and a one year high of $11.65.

Expensify (NASDAQ:EXFY) last announced its quarterly earnings results on Tuesday, November 7th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.23). The company had revenue of $36.50 million during the quarter, compared to the consensus estimate of $39.16 million. Expensify had a negative net margin of 23.69% and a negative return on equity of 38.14%. The business’s revenue was down 14.1% compared to the same quarter last year. During the same period last year, the company earned ($0.10) earnings per share. As a group, sell-side analysts expect that Expensify, Inc. will post -0.37 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EXFY shares. Loop Capital cut Expensify from a “buy” rating to a “hold” rating and cut their price target for the company from $9.00 to $6.00 in a report on Wednesday, August 9th. Morgan Stanley cut their price target on Expensify from $5.00 to $2.00 and set an “underweight” rating for the company in a report on Wednesday, November 8th. Citigroup lowered their price objective on Expensify from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. Lake Street Capital cut their target price on shares of Expensify from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Finally, JMP Securities downgraded shares of Expensify from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $6.50.

About Expensify

Expensify, Inc provides a cloud-based expense management software platform to individuals, small businesses, and corporations 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.