Can I use spell slots to cast the spell granted from the Fey Teleportation feat additional times?

I have a high-elf wizard with the Fey Teleportation feat. According to the feat “You learn the Misty Step spell, and can cast it once without expending a spell slot. You regain the ability to cast it in this way when you finish a short or long rest.”

Does this mean I can cast Misty Step additional times using spell slots? As a wizard, do I need to have the spell prepared in order to cast it using a spell slot?