Connor Clark & Lunn Investment Management Ltd. Buys 537,993 Shares of Expensify, Inc. (NASDAQ:EXFY)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Expensify, Inc. (NASDAQ:EXFY) by 814.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm 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. owned about 0.78% of Expensify worth $2,024,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in EXFY. Ceera Investments LLC grew its holdings in shares of Expensify by 1.0% during the fourth quarter. Ceera Investments LLC now owns 439,330 shares of the company’s stock valued at $1,472,000 after buying an additional 4,330 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Expensify by 2.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 316,976 shares of the company’s stock worth $1,062,000 after purchasing an additional 8,911 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Expensify in the fourth quarter worth approximately $39,000. R Squared Ltd bought a new position in shares of Expensify in the fourth quarter valued at approximately $46,000. Finally, XTX Topco Ltd lifted its holdings in shares of Expensify by 29.6% in the third quarter. XTX Topco Ltd now owns 68,789 shares of the company’s stock valued at $135,000 after purchasing an additional 15,730 shares in the last quarter. Institutional investors and hedge funds own 68.42% of the company’s stock.

Expensify Trading Up 0.9 %

EXFY stock opened at $3.38 on Wednesday. Expensify, Inc. has a 1-year low of $1.24 and a 1-year high of $4.13. The stock has a market cap of $268.73 million, a P/E ratio of -18.78 and a beta of 1.83. The stock’s fifty day simple moving average is $3.51 and its two-hundred day simple moving average is $2.95.

Expensify announced that its board has approved a stock buyback plan on Thursday, February 27th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 20.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other Expensify news, CEO David Michael Barrett sold 45,643 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was 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. This trade represents a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy L. Christen sold 18,273 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $3.59, for a total value of $65,600.07. Following the completion of the sale, the director now owns 194,983 shares in the company, valued at approximately $699,988.97. The trade was a 8.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 211,174 shares of company stock valued at $733,446. 17.33% of the stock is owned by insiders.

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.