David Michael Barrett, the Chief Executive Officer of Expensify , Inc. (NASDAQ:), recently executed several transactions involving the company’s Class A Common Stock. According to a Form 4 filing with the Securities and Exchange Commission, Barrett sold shares totaling $616,487 over several days. These transactions come as the stock has shown remarkable strength, with InvestingPro data showing a 201% surge over the past six months, though 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, generating $50,933. The following day, December 17, he sold an additional 3,320 shares at an average price of $3.82, amounting to $12,682. On the same day, he also sold 70,000 shares at a price of $3.81, bringing in $266,700. Finally, on December 18, Barrett sold 6,152 shares at a price of $3.83, for a total of $23,552.
In addition to these transactions, Barrett carried out sales through Barrett Trust LLC, a manager-managed limited liability company, including a sale of 68,380 shares on December 16 and 70,000 shares on December 17, collectively totaling $552,841.
These transactions were conducted under a pre-established Rule 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for selling shares, intended to avoid any potential accusations of insider trading.
In other recent news, Expensify has been the subject of significant investor attention. JMP Securities adjusted its rating on Expensify from Market Outperform to Market Perform after the company’s stock value notably surpassed JMP Securities’ previous price target. This adjustment followed a series of virtual investor meetings and a notable surge in the company’s stock price.
Expensify recently reported a mixed Q3 performance. Total (EPA:) revenue for the quarter rose by 6.3% quarter-over-quarter to reach $35.4 million, despite a year-over-year decrease of 3%. Interchange revenue from the Expensify Card surged 48% year-over-year, totaling $4.6 million.
The company’s average paid members remained constant at 684,000, marking a 5% decrease from the previous year. Expensify revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting optimism in the firm’s operational efficiencies and new product offerings. These are the most recent developments for Expensify.
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