Expensify CEO David Barrett sells $297,710 worth of stock by Investing.com

expense (NASDAQ:) CEO David Michael Barrett recently sold the company’s shares of Class A common stock, according to a filing with the Securities and Exchange Commission. The value of the transactions carried out over three days amounted to 297,710 US dollars. These sales come as the company, currently worth $298 million, has seen its shares 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 selling 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. Prices for these sales ranged from $3.34 to $3.50. While the company is not currently profitable, InvestingPro The analysis indicates that the stock is trading below its fair value, and analysts expect 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 made under a predefined Rule 10b5-1 trading plan, which was adopted in August 2024. For deeper insights into Expensify’s valuation and 12+ additional ProTips, visit InvestingProYou will find a comprehensive analysis in our professional research report.

In other recent news, Expensify reported mixed Q3 performance with important developments. The financial services company’s total revenue for the quarter rose 6.3% quarter-over-quarter to $35.4 million, although it declined 3% year-over-year. A notable development was the 48% year-over-year increase in interchange revenue from the Expensify card, which totaled $4.6 million. However, average paid members remained steady at 684,000, representing a 5% decline from the previous year.

JMP Securities has revised its rating on Expensify, moving from market outperform to market perform, following a significant rise in the company’s share price. The rating switch came after Expensify stock beat JMP Securities’ previous target price. The decision to downgrade the stock’s rating is not accompanied by additional comments on the company’s financial condition or future performance.

The company has revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting optimism in the company’s operational efficiency and new product offerings. The Expensify Card program has successfully migrated 94% of current card spending and is expected to drive future revenue growth. These are the latest developments for Expensify.

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