Expensify Inc. (NASDAQ:EXFY) Chief Financial Officer Ryan Schaffer has recently engaged in stock transactions, as per the latest filings with the Securities and Exchange Commission. Schaffer sold a total of 4,498 shares of Class A Common Stock at an average price of $2.14, totaling approximately $9,625. This sale was executed solely to cover tax obligations related to stock awards under the company's stock plan.
On the same day, Schaffer also acquired 14,467 shares of Expensify stock at no cost as part of the company's 2021 Stock Purchase and Matching Plan (SPMP). These transactions occurred on March 11, 2024, and were reported in a Form 4 document filed with the SEC.
The sale of shares by Schaffer was conducted in multiple transactions with prices ranging from $2.08 to $2.20. The weighted average price of the shares sold to cover taxes was reported at $2.14. This indicates that the company's broker executed these sales at various price points within the specified range to satisfy the tax-related obligations for shares awarded to certain employees of Expensify under the SPMP.
Following these transactions, Schaffer's ownership in the company stands at 116,786 shares of Class A Common Stock, reflecting his continued investment in Expensify's future.
Investors often monitor the buying and selling activities of company insiders like CFOs as these can provide insights into their perspective on the company's current valuation and future prospects. However, it is important to note that sales to cover tax obligations are a common practice and may not necessarily signal a lack of confidence in the company's performance or outlook.
InvestingPro Insights
Amidst the recent stock transactions by Expensify Inc. (NASDAQ:EXFY) CFO Ryan Schaffer, investors are keen to understand the underlying financial health and projections for the company. According to InvestingPro data, Expensify holds a market capitalization of 182.34 million USD. Despite the company's challenges, with a negative P/E ratio of -4.17 for the last twelve months as of Q4 2023, there are signs of investor optimism as reflected by a strong return over the last month with a price total return of 30.89%.
Two InvestingPro Tips that stand out for Expensify include its liquidity position, with liquid assets exceeding short-term obligations, and the fact that analysts predict the company will be profitable this year. These insights suggest that while Expensify has faced profitability issues in the recent past, it maintains a solid cash position and is anticipated to pivot towards profitability in the near future.
Moreover, the company's recent price movements have been quite volatile, with a significant drop over the last year of -70.77%, yet an intriguing rebound in the past month. This volatility is a critical factor for investors to consider, especially those looking for short-term trading opportunities or those who are more risk-averse.
For those interested in a deeper analysis, there are additional InvestingPro Tips available, providing a comprehensive view of Expensify's financials and market performance. Readers can utilize the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes these insightful tips and more.
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