Vidal Daniel, a director at Expensify , Inc. (NASDAQ:EXFY), recently disposed of 2,419 shares of Class A common stock, generating $8,829 in proceeds. The shares were sold at a weighted average price of $3.65 per share on December 6. The sale was conducted to cover tax obligations associated with shares awarded under Expensify's 2021 Stock Purchase and Matching Plan. The transaction comes as Expensify's stock trades near its 52-week high of $3.70, having surged over 150% in the past six months. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 2.87.
Following this transaction, Daniel now holds 212,816 shares of Expensify. Prior to the sale, he acquired 8,479 shares on December 5 through the company's stock purchase plan, which did not involve any cash exchange. With a market capitalization of $327 million, InvestingPro analysis suggests the stock may have additional upside potential. Subscribers can access 15+ additional ProTips and a comprehensive Pro Research Report for deeper insights into Expensify's valuation and growth prospects.
"In other recent news, financial services company Expensify reported a mixed Q3 performance with some promising developments. Total (EPA:TTEF) revenue for the quarter rose by 6.3% quarter-over-quarter to reach $35.4 million, despite a year-over-year decrease of 3%. A significant development was the 48% year-over-year surge in interchange revenue from the Expensify Card, totaling $4.6 million. However, average paid members remained constant at 684,000, marking a 5% decrease from the previous year.
On the analyst front, JMP Securities adjusted its rating on Expensify, moving from Market Outperform to Market Perform. The decision came after Expensify's stock value surpassed JMP Securities' previous price target of $3.25, following a series of virtual investor meetings. Notably, the company revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million, reflecting optimism in operational efficiencies and new product offerings.
These are recent developments for Expensify, which continues to focus on growth, particularly with the new platform and expansion of existing customer usage, as indicated in their recent earnings call."
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