Make it more expensive Inch. (NASDAQ: ) Chief Executive Officer 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, totaled $297,710. The sale comes as the company, currently valued at $298 million, has seen its stock rise 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 the sale of 24,111 shares at a weighted average price of $3.40 on January 16. The last transaction took place on January 17th, with Barrett selling 32,473 shares at an average price of $3.41. The prices of these sales ranged from $3.34 to $3.50. Although the company is not currently profitable, InvestingPro analysis shows that the stock is trading below its fair value, and analysts predict a return to profitability this year.
Following these transactions, Barrett retains ownership of 2,147,203 shares of Expensify, held indirectly by Barrett Trust LLC. These sales were executed under a predetermined Rule 10b5-1 trading plan, which was adopted in August 2024. For deeper insights into Expensify’s valuation and more than 12 additional ProTips, visit InvestingProwhere you will find a comprehensive analysis in our Pro Research Report.
In other recent news, Expensify reported mixed Q3 results with significant moves. The financial services company’s total revenue for the quarter rose 6.3% quarter-over-quarter to $35.4 million, despite a 3% year-over-year decline. A notable development was a 48% year-over-year increase in Expensify card interchange revenue, totaling $4.6 million. However, average paid members remained unchanged at 684,000, representing a 5% year-over-year decline.
JMP Securities adjusted its rating on Expensify, moving from Market Outperform to Market Perform, following a significant rise in the company’s share price. The rating change comes after Expensify’s stock value exceeded JMP Securities’ previous target price. The decision to downgrade the shares does not come with additional comments on the company’s financial condition or future results.
The company revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting optimism in the company’s operating efficiency and new product offerings. The Expensify Card program has successfully migrated 94% of existing card spend and is expected to drive future revenue growth. These are the latest developments for Expensify.
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