spend it Inc. (NASDAQ: ) 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 total value of the transactions made during the three days was 297,710 USD. The sales come as the company, currently valued at $298 million, has seen its stock rise nearly 60% over the past six months, according to InvestingPro.
On January 15, Barrett sold 30,000 shares at a weighted average price of $3.50, followed by a sale of 24,111 shares at a weighted average price of $3.40 on January 16. The last transaction took place on January 17th, Barrett sold 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’s analysis indicates that the stock is trading below fair value, with analysts predicting a return to profitability this year.
Following these transactions, Barrett retains ownership of 2,147,203 shares of Expensify, which he holds indirectly through the Barrett Trust LLC. These sales were made pursuant to a pre-established Rule 10b5-1 trading plan adopted in August 2024. For more in-depth information on Expensify’s valuation and 12 additional ProTips, visit InvestingPro for a comprehensive analysis in our Pro Research Report. .
In other recent news, Expensify reported a mixed third quarter with significant developments. The financial services company’s total revenue rose 6.3% quarter-over-quarter to $35.4 million, despite a 3% year-over-year decline. A notable development was a 48% increase in interchange revenue from the Expensify Card from a year ago to a total of $4.6 million. However, average paid members remained flat at 684,000, down 5% from the previous year.
JMP Securities changed its rating on Expensify from Market Outperform to Market Perform following a significant rally in the company’s share price. The rating change comes after Expensify’s share price exceeded JMP Securities’ previous price target. The decision to downgrade the stock does not come with additional commentary on the company’s financial health or future performance.
The company revised its free cash flow guidance up for the year, now expecting $19 million to $20 million, reflecting optimism in the firm’s operating performance 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 from Expensify.
This article was created with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.