Expensify, Inc. (NASDAQ:EXFY) CEO David Barrett has sold a total of $73,052 worth of company stock, according to recent filings with the Securities and Exchange Commission. The transactions took place over a series of days, with Barrett selling shares at prices ranging between $1.57 and $1.75.
The series of sales began on April 1, 2024, when Barrett sold 13,300 shares at an average price of $1.75. The following day, he sold an additional 15,518 shares at an average price of $1.61. The final sale reported occurred on April 3, with 15,792 shares being sold at an average price of $1.57.
These sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was adopted by Barrett on December 15, 2023. Such plans are commonly used by company insiders to sell their shares in a pre-determined manner that is compliant with insider trading laws.
The footnotes included in the filing indicate that the shares sold by Barrett were held indirectly through Barrett Trust LLC, for which he serves as a trustee. This entity is managed by Barrett and is controlled by the Barrett Family Trust.
Following these transactions, Barrett's remaining direct ownership in Expensify, Inc. stands at 1,336,668 shares of Class A Common Stock. The SEC filing did not disclose the specific reasons for the stock sales, and as per standard practice, it is up to individual investors to interpret the significance of these insider transactions.
InvestingPro Insights
Expensify, Inc. (NASDAQ:EXFY) has been navigating a turbulent market, as reflected in the recent stock activity of CEO David Barrett. With the backdrop of insider sales, it's important to consider the company's financial health and market performance to understand the broader context. According to InvestingPro insights, Expensify's market capitalization currently stands at $132.92 million, indicating its size within the market. The company's P/E ratio, a measure of its current share price relative to its per-share earnings, is negative at -4.38, suggesting that investors are facing losses and the company has been unprofitable over the last twelve months.
InvestingPro Tips highlight that Expensify holds more cash than debt on its balance sheet, which can be a positive sign of financial stability. However, the stock has experienced significant volatility, with price movements reflecting a bearish trend over various timeframes, including a notable -81.0% one year price total return. Investors may find solace in the fact that Expensify's liquid assets exceed its short-term obligations, providing some cushion against immediate financial pressures.
For those considering an investment in Expensify or looking for more detailed analytics, there are additional InvestingPro Tips available that further explore the company's financial nuances. With a total of 11 more tips to uncover, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which could provide valuable insights into Expensify's potential for profitability this year, despite its recent stock performance challenges.
Investors can find more in-depth analysis and real-time data for Expensify by visiting https://www.investing.com/pro/EXFY, which may aid in making more informed investment decisions.
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