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David Michael Barrett, Chief Executive Officer of Expensify , Inc. (NASDAQ:EXFY), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Barrett disposed of 80,532 shares of Class A Common Stock over three days from April 15 to April 17, 2025. The transactions, conducted as part of a pre-established trading plan, were executed at prices ranging from $2.70 to $2.83 per share, totaling approximately $223,662. The sales occurred as the stock trades near $2.78, significantly below analyst targets ranging from $4 to $5 per share. According to InvestingPro analysis, the stock appears undervalued at current levels.
Following these transactions, Barrett retains ownership of 1,673,744 shares indirectly through Barrett Trust LLC, as well as 185,289 shares directly. These sales were carried out under a Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined number of shares at a set time to avoid allegations of insider trading. With the company’s next earnings report scheduled for May 8, 2025, InvestingPro subscribers can access 14 additional key insights and a comprehensive Pro Research Report to better understand the company’s financial position.
In other recent news, Expensify Inc. has reported its fourth-quarter 2024 earnings, which highlighted a net loss per share of $0.01, missing the anticipated earnings per share of $0.07. However, the company’s revenue surpassed expectations, reaching $37 million against a forecast of $36.15 million. Expensify has also announced a change in its certifying accountant, switching from Ernst & Young LLP to KPMG LLP for the fiscal year ending December 31, 2025. This decision was disclosed in an 8-K filing with the Securities and Exchange Commission, indicating a smooth transition with no disagreements between Expensify and Ernst & Young. Additionally, Expensify has shown significant improvement in free cash flow, reporting a 272% year-over-year increase to $6.3 million for the quarter. The company has launched new product initiatives, including Expensify Travel and AI advancements, which have contributed to its strategic growth. Expensify has also successfully reduced its debt to zero, enhancing its financial stability. These developments come amidst a backdrop of strategic investments and initiatives aimed at driving future growth.
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