Spend Inc. (NASDAQ:) CEO David Michael Barrett recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. The transactions, executed over three days, amounted to a total value of $297,710. The sales come as the company, currently valued at $298 million, has seen its shares rise nearly 60% over the past six months, according to data from InvestingPro.
On January 15, Barrett sold 30,000 shares at a weighted average price of $3.50, followed by a sale of 24,111 shares on January 16 at a weighted average price of $3.40. The final transaction took place on January 17, with Barrett selling 32,473 shares at an average price of $3.41. Prices for these sales ranged from $3.34 to $3.50. While the company is not currently profitable, InvestingPro’s analysis indicates the stock is trading below its fair value, and analysts project a return to profitability this year.
Following these transactions, Barrett retains ownership of 2,147,203 shares of Expensify, held indirectly through Barrett Trust LLC. These sales were made pursuant to a pre-established Rule 10b5-1 trading plan, which was adopted in August 2024. For more detailed information on Expensify’s valuation and 12+ additional ProTips, visit InvestingPro where you will find a complete analysis at our Professional Research Report. .
In other recent news, Expensify reported mixed Q3 performance with significant new developments. The financial services company’s total revenue for the quarter increased 6.3% quarter-over-quarter to $35.4 million, despite a 3% year-over-year decline. One notable development was the 48% year-over-year increase in Expensify card interchange revenue, totaling $4.6 million. However, the average paid membership remained constant at 684,000, a 5% decrease from the previous year.
JMP Securities adjusted its rating on Expensify, moving from Market Outperform to Market Perform, following a significant increase in the company’s share price. The rating change came after Expensify’s stock value surpassed JMP Securities’ previous price target. The decision to downgrade the stock is not accompanied by additional commentary on the company’s financial health or future performance.
The company revised up its free cash flow guidance for the year, now expecting between $19 million and $20 million, reflecting optimism in the company’s operating efficiencies and new product offerings. The Expensify Card program has successfully migrated 94% of existing card spending and is expected to drive future revenue growth. These are the latest news for Expensify.
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