Connor Clark & Lunn Investment Management Ltd. Raises Stake in Expensify, Inc. (NASDAQ:EXFY)

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Expensify, Inc. (NASDAQ:EXFY) by 814.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 604,088 shares of the company’s stock after buying an additional 537,993 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Expensify were worth $2,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of EXFY. SG Americas Securities LLC purchased a new position in Expensify during the fourth quarter valued at approximately $39,000. R Squared Ltd purchased a new position in shares of Expensify during the 4th quarter valued at $46,000. Bailard Inc. purchased a new stake in shares of Expensify in the fourth quarter worth $146,000. Dynamic Technology Lab Private Ltd raised its position in shares of 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 buying an additional 22,504 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Expensify during the fourth quarter valued at $174,000. 68.42% of the stock is currently owned by institutional investors.

Expensify Trading Up 0.9 %

Shares of Expensify stock opened at $3.38 on Wednesday. The business’s 50-day moving average price is $3.51 and its 200-day moving average price is $2.95. The firm has a market capitalization of $268.73 million, a PE ratio of -18.78 and a beta of 1.83. Expensify, Inc. has a 12 month low of $1.24 and a 12 month high of $4.13.

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

Insider Buying and Selling at Expensify

In other Expensify news, CEO David Michael Barrett sold 45,643 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $3.68, for a total value of $167,966.24. Following the completion of the sale, the chief executive officer now directly owns 2,026,590 shares of the company’s stock, valued at $7,457,851.20. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy L. Christen sold 18,273 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $3.59, for a total value of $65,600.07. Following the transaction, the director now directly owns 194,983 shares in the company, valued at $699,988.97. This trade represents a 8.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 211,174 shares of company stock worth $733,446 over the last ninety days. Insiders own 17.33% of the company’s stock.

Analyst Ratings Changes

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

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.