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David Michael Barrett, the Chief Executive Officer of Expensify , Inc. (NASDAQ:EXFY), a $306 million expense management software company with a strong financial health rating according to InvestingPro, has sold a significant portion of his holdings in the company, according to a recent SEC filing. Over the course of three days, Barrett sold a total of 109,048 shares of Class A Common Stock, generating approximately $361,729. The transactions occurred between March 17 and March 19, with the sale prices ranging from $3.27 to $3.36 per share. The stock, which has shown significant volatility with a beta of 1.83, currently trades at $3.29 and appears undervalued based on InvestingPro’s Fair Value analysis.
These sales were executed under a pre-established Rule 10b5-1 trading plan, which Barrett adopted in August 2024. Following these transactions, Barrett’s indirect ownership, managed through Barrett Trust LLC, stands at 1,808,231 shares. Additionally, he holds a direct stake of 185,289 shares in the company.
The transactions reflect Barrett’s ongoing strategy to manage his holdings in Expensify while adhering to regulatory guidelines.
In other recent news, Expensify Inc. reported its fourth-quarter 2024 financial results, revealing a net loss per share of $0.01, which did not meet the anticipated earnings per share of $0.07. However, the company’s revenue surpassed expectations, reaching $37 million, slightly above the forecast of $36.15 million. Additionally, Expensify demonstrated significant improvements in free cash flow, which increased by 4,200% year-over-year. The company also announced the elimination of its debt, which enhances its financial stability. Expensify has recently switched its certifying accountant 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, and there were no disagreements or reportable events between Expensify and EY that needed mentioning. The company has also launched new product initiatives, including Expensify Travel and advancements in AI, contributing to its strategic growth. These developments are part of Expensify’s ongoing efforts to enhance its financial performance and expand its product offerings.
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