Hillsdale Investment Management Inc. Invests $293,000 in Expensify, Inc. (NASDAQ:EXFY)

Hillsdale Investment Management Inc. acquired a new position in shares of Expensify, Inc. (NASDAQ:EXFY) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 87,397 shares of the company’s stock, valued at approximately $293,000.

Other hedge funds have also bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in Expensify during the 4th quarter worth about $39,000. R Squared Ltd acquired a new stake in Expensify during the fourth quarter worth approximately $46,000. Quantbot Technologies LP acquired a new stake in Expensify during the fourth quarter worth approximately $68,000. Dynamic Technology Lab Private Ltd increased its holdings in Expensify by 100.6% in the third quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company’s stock worth $88,000 after purchasing an additional 22,504 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in Expensify by 76.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company’s stock valued at $130,000 after buying an additional 28,731 shares during the period. Institutional investors own 68.42% of the company’s stock.

Expensify Stock Up 3.1 %

Shares of EXFY opened at $3.35 on Tuesday. The business’s fifty day moving average is $3.51 and its 200 day moving average is $2.98. Expensify, Inc. has a 12-month low of $1.24 and a 12-month high of $4.13. The stock has a market cap of $266.35 million, a P/E ratio of -18.61 and a beta of 1.83.

Expensify announced that its board has approved a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 20.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Expensify

In other news, CEO David Michael Barrett sold 32,473 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $3.41, for a total value of $110,732.93. Following the completion of the sale, the chief executive officer now directly owns 2,147,203 shares of the company’s stock, valued at $7,321,962.23. This represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 260,133 shares of company stock valued at $889,951. Corporate insiders own 17.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. JMP Securities downgraded shares of Expensify from an “outperform” rating to a “market perform” rating in a research report on Monday, November 25th. Lake Street Capital lifted their price target on shares of Expensify from $3.00 to $5.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Citigroup increased their price objective on shares of Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Monday, December 16th.

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.