Expensify (NASDAQ:EXFY) Announces Earnings Results, Misses Estimates By $0.08 EPS

Expensify (NASDAQ:EXFY) released its earnings results on Thursday. The company reported ($0.03) earnings per share 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 analysts’ expectations 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 on Friday, reaching $1.37. The stock had a trading volume of 705,448 shares, compared to its average volume of 420,498. Expensify has a 1 year low of $1.35 and a 1 year high of $4.13. The company has a 50 day moving average price of $1.78 and a 200 day moving average price of $2.11. The stock has a market capitalization of $110.35 million, a P/E ratio of -8.06 and a beta of 1.69.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, COO Anuradha Muralidharan sold 25,245 shares of the stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $1.94, for a total transaction of $48,975.30. Following the completion of the sale, the chief operating officer owned 61,041 shares in the company, valued at approximately $118,419.54. This represents a 29.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David Michael Barrett sold 30,000 shares of the business’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 transaction, the chief executive officer owned 1,408,480 shares in the company, valued at approximately $2,253,568. This trade represents a 2.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 147,167 shares of company stock worth $270,131. Insiders own 12.27% of the company’s stock.

Institutional Trading of Expensify

Several large investors have recently bought and sold shares of EXFY. Vanguard Group Inc. raised its holdings in shares of Expensify by 4.5% in the third quarter. Vanguard Group Inc. now owns 4,543,639 shares of the company’s stock worth $8,406,000 after buying an additional 197,702 shares during the last quarter. Millennium Management LLC increased its position in shares of Expensify by 103.2% in the 1st quarter. Millennium Management LLC now owns 1,406,476 shares of the company’s stock valued at $4,276,000 after acquiring an additional 714,244 shares during the period. Geode Capital Management LLC increased its position in shares of Expensify by 134.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,326,129 shares of the company’s stock valued at $3,435,000 after acquiring an additional 759,982 shares during the period. American Century Companies Inc. raised its stake in Expensify by 22.0% in the 2nd quarter. American Century Companies Inc. now owns 121,441 shares of the company’s stock worth $315,000 after acquiring an additional 21,912 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Expensify by 72.2% during the 2nd quarter. Bank of America Corp DE now owns 112,078 shares of the company’s stock worth $290,000 after acquiring an additional 46,999 shares during the period. Hedge funds and other institutional investors own 68.42% of the company’s stock.

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.