CEO Barrett Michael’s Planned 30k‑Share Sale Shows Gradual Decline in Expansify Stock

Insider Selling at the Top of a Decline

The most recent Form 4 filed with the U.S. Securities and Exchange Commission shows CEO Barrett Michael divesting 30 000 shares of Expansify’s Class A stock on 2 February 2026. The transaction was executed under a Rule 10b5‑1 trading plan that had been established on 31 March 2025, making it a pre‑programmed sale rather than a discretionary move. The shares were sold at $1.45 per share, only slightly above the market close of $1.39, a price that sits near the lower end of the company’s 52‑week range.

What the Pattern Means for Investors

Over the past year, Michael has sold roughly 250 000 shares, representing approximately 18 % of his 1.38 million‑share stake. The sales have trended upward as the share price fell from $2.84 in late April 2025 to $1.45 in February 2026, suggesting a “sell‑to‑bottom” approach rather than a panic reaction. For investors, this pattern signals that the CEO is actively managing a large position in a company with weak earnings (P/E –8.2) and a valuation near its 52‑week low.

If the company’s growth prospects—particularly in the competitive expense‑management space—remain uncertain, the continued selling could be interpreted as a lack of confidence in a near‑term rebound. Conversely, the disciplined use of a 10b5‑1 plan indicates that the CEO is not acting on material inside information but is simply liquidating a predetermined portion of his holdings, which may assuage concerns about insider‑specific motives.

Barrett Michael: A Profile Built on Gradual Divestment

Michael’s historical transactions reveal a consistent pattern of selling in batches of 30 000 shares, interspersed with smaller purchases of 6–7 k shares. His most recent sale at $1.55 in December 2025 coincided with a slight uptick in the stock, yet he still sold a large block. The CEO’s overall ownership has slipped from 1.438 million shares in November 2025 to 1.318 million in February 2026—a 8.5 % reduction. The timing of his trades—often in December, September, and February—aligns with the company’s quarterly reporting schedule, suggesting a strategy of capitalizing on routine market volatility rather than reacting to earnings surprises. This methodical divestment, combined with the use of a Rule 10b5‑1 plan, portrays Michael as a prudent manager of personal wealth rather than a speculative trader.

Market Context and Forward Outlook

Expensify’s stock is trading near its 52‑week low, with a P/B ratio close to 1 and a negative earnings profile. The company’s product suite is solid, yet it faces fierce competition from larger SaaS providers and new entrants. The CEO’s ongoing share sales may signal that the company’s leadership is preparing for a period of consolidation or a shift in strategy. For investors, the key question is whether the company can achieve profitability and sustain a stock price above $1.50. Until then, the pattern of insider selling—and the broader decline in market confidence—could pressure the share price further, potentially prompting additional divestments by other executives.