Expensify Stock Soars as Jim Cramer Triggers ‘Accidental’ Rally

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  • Expensify (EXFY) stock is up on Tuesday alongside an accidental rally.
  • This was caused by Jim Cramer’s comments during an interview.
  • He later clarified that he doesn’t recommend EXFY stock.
Expensify Stock - Expensify Stock Soars as Jim Cramer Triggers ‘Accidental’ Rally

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Expensify (NASDAQ:EXFY) stock is heading higher on Tuesday after Jim Cramer accidentally triggered a rally for the cloud-based expense management software platform company’s shares.

During an interview with Brad Pitt for the upcoming F1 movie, Cramer mentioned that Expensify sponsors the fictional F1 racing team in the movie. He told viewers that if they were going to remember one stock from the interview, it should be Expensify.

Following that, shares of EXFY stock started to take off with heavy trading. That has more than 17 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 592,000 shares.

Cramer Clarifies Stance on Expensify Stock

Following this rally, Cramer put out another statement concerning EXFY stock. Here’s what he said, according to Seeking Alpha:

“Guys I am being facetious about a company called Expensify, alright. I did not tell people to buy EXFY. I’m just saying they are one of the sponsors, and Apple was brilliant to have sponsors come in. I am not recommending Expensify.”

Despite this clarification, shares of Expensify stock are up 32.7% as of Tuesday afternoon. However, the shares are still down 21.4% since the start of the year.

There are plenty of other stock market stories traders are going to want to read about below!

We have all of the hottest stock market news that investors need to know about on Tuesday! Among those is a chicken recall, an update on Palantir (NYSE:PLTR) stock and more. All of this info is ready at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.


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