Expensify, Inc. (NASDAQ:EXFY) CEO David Michael Barrett recently sold a notable amount of company stock, transactions that were filed with the Securities and Exchange Commission. Over a span of three days, Barrett sold a total of 49,483 shares of Expensify’s Class A Common Stock for a sum exceeding $74,000.
The sales occurred on April 10, 11, and 12, with the prices per share ranging from $1.47 to $1.56. Specifically, on April 10, Barrett sold 15,903 shares at an average price of $1.56. The following day, 16,740 shares were sold at an average price of $1.48, and on April 12, another 16,840 shares were sold at an average price of $1.47.
These transactions were conducted under a prearranged 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for buying or selling stocks at a time when they are not in possession of nonpublic information. This plan was adopted by Barrett on December 15, 2023.
Following the sales, Barrett’s indirect ownership through Barrett Trust LLC, which is managed by him and controlled by the Barrett Family Trust, stands at 1,182,964 shares of Class A Common Stock. Barrett Trust LLC’s investment and voting decisions are made by its manager, Barrett, who also serves as trustee for the Barrett Family Trust.
Investors often monitor insider transactions as they can provide insights into an executive’s confidence in the company’s future prospects. The sales by Barrett represent a significant transaction by the CEO of Expensify, a prepackaged software services company headquartered in Portland, Oregon.
InvestingPro Insights
As investors evaluate the recent stock sales by Expensify’s CEO, it’s valuable to consider the company’s financial health and market performance. According to InvestingPro data, Expensify holds a market capitalization of $125.25 million, reflecting its valuation within the industry. Despite facing a downward trend in the market with a year-to-date price total return of -37.25%, the company’s gross profit margin remains strong at 55.61% for the last twelve months as of Q4 2023. This suggests that while the stock price has been under pressure, the company maintains a solid gross profitability level.
Two notable InvestingPro Tips for Expensify include the company’s ability to manage its liquidity effectively, as it holds more cash than debt on its balance sheet and its liquid assets exceed short-term obligations. This financial stability could be a reassuring factor for investors considering the recent insider selling activity. Additionally, analysts predict that Expensify will become profitable this year, which could potentially signal a turnaround for the company’s financial performance.
It’s also worth noting that Expensify’s stock is trading near its 52-week low, with the price at the previous close standing at $1.47. For investors looking for additional insights and tips on Expensify, there are 9 more InvestingPro Tips available, which can be accessed with the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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