Jason Fahr Mills, a director at Expensify , Inc. (NASDAQ:), a $343.4 million market cap company that has seen its stock surge over 200% in the past six months, recently sold shares of the company’s Class A common stock, according to a filing with the Securities and Exchange Commission. On December 16, Mills sold 1,950 shares at a weighted average price of $3.84, generating a total of $7,488. The shares were sold to cover taxes upon the vesting of restricted stock units (RSUs) for employees. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The following day, on December 17, Mills sold an additional 3,276 shares at a weighted average price of $3.82, totaling $12,514. This sale was also to cover tax obligations related to shares granted under the company’s Stock Purchase and Matching Plan.
In addition to these sales, Mills acquired 16,455 shares at $3.95 per share and was granted 12,478 shares at no cost under the same plan. These acquisitions amounted to a total value of $64,997. After these transactions, Mills holds 359,438 shares of Expensify’s Class A common stock.
In other recent news, financial services company Expensify has reported a mixed Q3 performance. Total (EPA:) 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.
The company notably revised its free cash flow guidance for the year upward, now expecting between $19 million and $20 million. This revision reflects optimism in the firm’s operational efficiencies and new product offerings. The Expensify Card program has successfully migrated 94% of existing card spend and is anticipated to drive future revenue growth.
In other developments, JMP Securities adjusted its rating on Expensify stock, moving from Market Outperform to Market Perform. This change comes after the company’s stock value surpassed JMP Securities’ previous price target of $3.25. Despite the downgrade, the company remains positive about future growth, especially with the ramp-up of the new platform and expansion of existing customer usage.
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