Expensify , Inc. (NASDAQ:EXFY) CEO David Michael Barrett recently sold shares of the company's Class A Common Stock, according to a filing with the Securities and Exchange Commission. The transactions, executed over three days, amounted to a total value of $297,710. The sales come as the company, currently valued at $298 million, has seen its stock surge nearly 60% over the past six months, according to InvestingPro data.
On January 15, Barrett sold 30,000 shares at a weighted average price of $3.50, followed by a sale of 24,111 shares on January 16 at a weighted average price of $3.40. The final transaction took place on January 17, with Barrett selling 32,473 shares at an average price of $3.41. The prices for these sales ranged from $3.34 to $3.50. While the company is not currently profitable, InvestingPro analysis indicates the stock is trading below its Fair Value, with analysts projecting a return to profitability this year.
Following these transactions, Barrett retains ownership of 2,147,203 shares of Expensify, held indirectly through Barrett Trust LLC. These sales were conducted under a pre-established Rule 10b5-1 trading plan, which was adopted in August 2024. For deeper insights into Expensify's valuation and over 12 additional ProTips, visit InvestingPro, where you'll find comprehensive analysis in our Pro Research Report.
In other recent news, Expensify has reported a mixed Q3 performance with significant developments. The financial services company's total revenue for the quarter rose by 6.3% quarter-over-quarter to reach $35.4 million, despite a year-over-year decrease of 3%. A notable development was the 48% year-over-year surge in interchange revenue from the Expensify Card, totaling $4.6 million. However, average paid members remained constant at 684,000, marking a 5% decrease from the previous year.
JMP Securities adjusted its rating on Expensify, moving from Market Outperform to Market Perform, following a significant surge in the company's stock price. The shift in rating came after Expensify's stock value surpassed JMP Securities' previous price target. The decision to downgrade the stock rating does not come with additional commentary on the company's financial health or future performance.
The company revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting optimism in the firm's operational efficiencies and new product offerings. The Expensify Card program has successfully migrated 94% of existing card spend and is anticipated to drive future revenue growth. These are the most recent developments for Expensify.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.