David Barrett, the Chief Executive Officer of Expensify, Inc. (NASDAQ:EXFY), has recently sold shares of the company worth approximately $98,277. The transactions occurred over a span of several days, with prices ranging from $1.53 to $1.74 per share.
The sequence of sales began on May 23, 2024, when Barrett sold 14,982 shares at an average price of $1.67. Following this, on May 24, he sold another 15,030 shares for an average price of $1.66. Sales continued on May 28 with 14,390 shares going for an average of $1.74 per share, and on May 29, Barrett sold 11,230 shares at an average price of $1.65. The final transactions reported were on May 30 and May 31, with 1,500 shares sold each day at average prices of $1.63 and $1.53, respectively.
It is noted that these shares were sold in multiple transactions at various prices within the stated ranges. The sales were executed in accordance with a pre-arranged trading plan under Rule 10b5-1, which was adopted by Barrett on December 15, 2023. This rule allows insiders to establish predetermined trading plans for selling stocks at a time when they are not in possession of material non-public information.
The filings also indicate that the shares sold by Barrett were held indirectly through Barrett Trust LLC, for which he serves as the manager and trustee of the controlling member, the Barrett Family Trust.
Investors and followers of Expensify's stock activity will note that the CEO still retains a substantial number of shares following these transactions. The exact number of shares owned by Barrett after the sales was not specified in the SEC filing. However, the transactions suggest active portfolio management by the CEO of the prepackaged software services company.
Expensify, Inc. has not made any official statement regarding these transactions at the time of reporting. Shareholders and potential investors can request more detailed information about the exact number of shares sold at each price point from the company.
InvestingPro Insights
In light of the recent share sales by David Barrett, CEO of Expensify, Inc. (NASDAQ:EXFY), investors may be keen to understand the broader financial context of the company. According to InvestingPro data, Expensify holds a market capitalization of approximately $133.2 million as of the last twelve months leading up to Q1 2024. Despite challenging market conditions, the company has maintained a gross profit margin of 54.42%, indicating a robust ability to control the cost of goods sold relative to revenue.
However, it's not all smooth sailing for Expensify. The company has experienced a revenue decline of 14.84% over the last twelve months as of Q1 2024, and analysts have forecasted a sales decline for the current year. Additionally, the stock price has seen a significant downturn, with a 1-year price total return of -77.75%, reflecting investor concerns and possibly aligning with the CEO's recent divestment from the company. Moreover, Expensify's P/E ratio stands at -3.61, reinforcing that the company is not currently profitable.
For investors looking to delve deeper into Expensify's financial health and stock performance, there are additional InvestingPro Tips available. For example, it's noteworthy that Expensify holds more cash than debt on its balance sheet, which could be a sign of financial stability in turbulent times. Furthermore, the company's liquid assets exceed its short-term obligations, suggesting a solid liquidity position. For those seeking a comprehensive analysis, there are more tips to explore on InvestingPro, which can be accessed at https://www.investing.com/pro/EXFY. Additionally, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering a total of 13 InvestingPro Tips to guide your investment decisions in Expensify.
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