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PORTLAND, OR—David Michael Barrett, the Chief Executive Officer of Expensify , Inc. (NASDAQ:EXFY), recently executed a series of stock sales totaling $442,055, according to a recent SEC filing. These transactions were carried out under a pre-established Rule 10b5-1 trading plan. The sales come as Expensify’s stock has shown significant momentum, posting a remarkable 117% return over the past year, according to InvestingPro data.
On February 18, Barrett sold 45,643 shares of Expensify’s Class A common stock at a weighted average price of $3.68 per share. The sale was followed by the disposal of 47,437 shares on February 19 at a weighted average price of $3.48 per share. Finally, on February 20, he sold an additional 31,781 shares at an average price of $3.43 per share. The prices for these transactions ranged from $3.43 to $3.68 per share. The company, currently valued at $341.62 million, appears undervalued according to InvestingPro analysis.
Following these sales, Barrett retains ownership of 1,947,372 shares indirectly through Barrett Trust LLC, which is managed by him and controlled by the Barrett Family Trust. Additionally, he holds 185,289 shares directly. The transactions were part of a strategy to manage his holdings in the company while adhering to regulatory guidelines. Despite recent volatility, InvestingPro analysis shows the company maintains strong financial health with a current ratio of 2.87, indicating robust liquidity. Subscribers can access 12 additional ProTips and comprehensive analysis in the Pro Research Report.
In other recent news, JMP Securities adjusted its rating on Expensify Inc from Market Outperform to Market Perform. This change followed a significant surge in Expensify’s stock price, which recently surpassed JMP Securities’ previous price target of $3.25. The stock’s performance has been notable, with a year-to-date increase of 38%, significantly outpacing the Russell 3000 index’s rise of 25%. Since August 9, Expensify’s stock has jumped 94%, compared to the Russell 3000’s 13% gain. The downgrade reflects the company’s current valuation meeting JMP Securities’ benchmarks, leading the firm to recalibrate their outlook. The decision was made after a series of virtual investor meetings that included Expensify’s CFO and Head of Investor Relations. The analyst’s commentary did not provide additional insights into the company’s financial health or future performance. Instead, it focused on the stock’s recent price movements and comparison with broader market trends.
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