EXFY - Why did Expensify stock jump today? Santa Claus rally helps 70th record close

Expensify (NASDAQ:EXFY) shares surged more than 7% on Wednesday to close at $38.44, as the expense management software maker continued to benefit from the "Santa Claus rally," helping the S&P 500 reach its 70th record close this year. Based in Portland, Expensify (EXFY) went public in November at $27 a share and soared 47% on its first day of trading, as demand for shares of the fintech company proved higher-than-expected. Trading volume was low, as less than 150,000 shares of Expensify (EXFY) changed hands on Wednesday, compared to an average daily volume of just over 840,000. Earlier this month, Expensify (EXFY) reported mixed third-quarter results, as it lost 18 cents a share on $37.4 million, compared to expectations of a loss of 11 cents on $37 million in sales.

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Why did Expensify stock jump today? Santa Claus rally helps 70th record close