David Michael Barrett, CEO spend it Inc. (NASDAQ: ), recently completed several transactions involving the Company’s Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Barrett sold a total of $616,487 in stock over several days. These transactions come after the stock has shown remarkable strength, with data from InvestingPro showing a 201% gain over the past six months, although technical indicators suggest the stock may be in overbought territory.
On December 16, Barrett sold 13,272 shares at a weighted average price of $3.84, earning $50,933. The next day, December 17, he sold an additional 3,320 shares at an average price of $3.82, for a total of $12,682. On the same day, he also sold 70,000 shares at $3.81, bringing in $266,700. Finally, on December 18, Barrett sold 6,152 shares at $3.83 for a total of $23,552.
In addition to this transaction, Barrett made sales through Barrett Trust LLC, a manager-managed limited liability company, including the sale of 68,380 shares on Dec. 16 and 70,000 shares on Dec. 17, for a total of $552,841.
These transactions were made pursuant to a predetermined Rule 10b5-1 trading plan, which allows insiders to set a predetermined schedule for selling shares to avoid any potential allegations of insider trading.
In other recent news, Expensify has been the subject of significant investor attention. JMP Securities changed its rating on Expensify from Market Outperform to Market Perform after the company’s stock price significantly outperformed JMP Securities’ previous target price. This correction followed a series of virtual investor meetings and a noticeable increase in the company’s share price.
Expensify recently reported a mixed Q3 performance. Total (EPA: ) Revenue for the quarter rose 6.3% quarter-over-quarter to $35.4 million, despite a 3% year-over-year decline. Interchange revenue from the Expensify Card increased 48% year-over-year to a total of $4.6 million.
The company’s average paid members remained flat at 684,000, down 5% from the prior year. Expensify revised its free cash flow guidance higher for the year, now expecting between $19 million and $20 million, reflecting optimism in the firm’s operating efficiency and new product offerings. These are the latest developments from Expensify.
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