In recent transactions reported by Expensify , Inc. (NASDAQ:EXFY), Chief Financial Officer Ryan Schaffer sold shares of the company's Class A common stock. The company's stock has shown remarkable momentum, gaining over 150% in the past six months, with InvestingPro data indicating the stock is currently trading near its 52-week high of $3.70. The sale, which took place on December 6, involved 2,494 shares at a weighted average price of $3.65, totaling approximately $9,103. This transaction was conducted to cover taxes for shares awarded under Expensify's 2021 Stock Purchase and Matching Plan. Following this sale, Schaffer holds 165,011 shares directly. According to InvestingPro analysis, Expensify maintains strong financial health with a current ratio of 2.87, indicating solid liquidity. Subscribers can access 15 additional ProTips and comprehensive analysis through the Pro Research Report.
Additionally, on December 5, Schaffer acquired 8,210 shares at no cost, as part of the company's stock plan. This acquisition increased his direct ownership to 167,505 shares before the subsequent sale. While the company currently holds more cash than debt on its balance sheet, analysts anticipate a slight sales decline in the current year.
In other recent news, financial services company Expensify reported mixed Q3 performance but remains optimistic about future growth. The company's total revenue for the quarter rose by 6.3% quarter-over-quarter to $35.4 million, despite a year-over-year decrease of 3%. Interchange revenue from the Expensify Card surged by 48% year-over-year, totaling $4.6 million, while the number of average paid members remained steady at 684,000, marking a 5% decrease from the previous year.
In response to these 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, which surpassed JMP Securities' previous price target of $3.25.
Expensify also revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million. This revision reflects the company's confidence in its operational efficiencies and new product offerings, particularly the Expensify Card program, which has successfully migrated 94% of existing card spend and is anticipated to drive future revenue growth. These are the latest developments for Expensify.
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