David Michael Barrett, the CEO of Expensify , Inc. (NASDAQ:EXFY), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Barrett disposed of a total of 74,970 shares of Expensify's Class A Common Stock over a series of transactions on January 21, 22, and 23. The sale comes as Expensify's stock has shown notable volatility, with an impressive 81% return over the past year. InvestingPro analysis suggests the stock is currently trading below its Fair Value. The shares were sold at prices ranging from $3.27 to $3.32 per share, amounting to a total value of approximately $247,844.
The transactions were executed under a pre-established Rule 10b5-1 trading plan, which Barrett adopted on August 15, 2024. Following these sales, Barrett retains direct ownership of 2,072,233 shares and indirect ownership of 185,289 shares through Barrett Trust LLC, a manager-managed limited liability company.
"In other recent news, financial services company Expensify reported mixed Q3 results with a quarter-over-quarter total revenue increase of 6.3% to $35.4 million, despite a year-over-year decrease of 3%. The company's average paid members held steady at 684,000, marking a 5% decrease from the previous year. A significant development was the 48% year-over-year surge in interchange revenue from the Expensify Card, totaling $4.6 million. Additionally, the company revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting confidence in operational efficiencies and new product offerings.
In other developments, JMP Securities adjusted its rating on Expensify, moving from Market Outperform to Market Perform. This decision followed a significant surge in the company's stock price, surpassing JMP Securities' previous price target. The company's stock has seen a remarkable year-to-date increase of 38%, compared to a 25% rise in the Russell 3000 index. Lastly, the Expensify Card program has successfully migrated 94% of existing card spend and is anticipated to drive future revenue growth. These are the most recent developments for Expensify."
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