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Expensify, Inc. (EXFY) Soars 8.5%: Is Further Upside Left in the Stock?

Expensify, Inc. (EXFY) shares ended the last trading session 8.5% higher at $11.45. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18% gain over the past four weeks.

Increased optimism on promising growth prospects prevalent in the global travel and expense management software market, of which Expensify is a part of, might have driven the stock higher. With a credible cloud-based expense management software platform, EXFY is well-poised to harness the market’s growth prospects.

Several reports have surfaced and pointed toward considerable growth prowess possessed by the abovementioned market. One of the reports by Fortune Business Insights stated the worldwide travel and expense management software market is anticipated to witness a CAGR of 13.9% over the 2023-2030 period.

This company is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents a year-over-year change of -56.3%. Revenues are expected to be $44.68 million, up 10.7% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Expensify, Inc., the consensus EPS estimate for the quarter has been revised 3.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on EXFY going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Expensify, Inc. is a member of the Zacks Financial Transaction Services industry. One other stock in the same industry, Evertec (EVTC), finished the last trading session 2.1% higher at $38.16. EVTC has returned 13.5% over the past month.

Evertec's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.65. Compared to the company's year-ago EPS, this represents a change of -9.7%. Evertec currently boasts a Zacks Rank of #2 (Buy).

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