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Expensify COO Muralidharan sells shares worth $31,601

Published 2024-12-09, 05:00 p/m
EXFY
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PORTLAND, OR—Muralidharan Anuradha, the Chief Operating Officer of Expensify , Inc. (NASDAQ:EXFY), recently disclosed a sale of company stock valued at $31,601, according to a recent SEC filing. The transaction occurred on December 6, 2024, and involved the sale of 8,658 shares of Class A Common Stock at a weighted average price of $3.65 per share. The sale comes as Expensify's stock trades near its 52-week high of $3.70, having delivered an impressive 153% return over the past six months. According to InvestingPro analysis, the company currently appears fairly valued.

The shares were sold solely to cover taxes related to shares awarded under Expensify’s 2021 Stock Purchase and Matching Plan (SPMP), as noted in the filing. Following this transaction, Muralidharan holds 16,261 shares of the company.

Additionally, on December 5, 2024, Muralidharan acquired 20,978 shares of Class A Common Stock under the SPMP, with no associated cost, bringing her total shares owned before the sale to 24,919.

These transactions were part of routine tax-related sales and acquisitions under the company’s stock plan, as clarified in the filing.

In other recent news, financial services company Expensify reported a mixed Q3 performance but showed promising developments. Total (EPA:TTEF) 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 significant 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.

The company notably revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million. This revision reflects 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.

On a different note, JMP Securities adjusted its rating on Expensify Inc, moving from Market Outperform to Market Perform. This decision followed a significant surge in the company's stock value, surpassing JMP Securities' previous price target. Despite the downgrade, the company remains positive about future growth, especially with the ramp-up of the new platform and expansion of existing customer usage.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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