BELLINGHAM, WA—Glenn Darrel Sanford, CEO and Chairman of the Board for eXp World Holdings, Inc. (NASDAQ:), recently divested a significant number of shares in the company. A filing with the Securities and Exchange Commission revealed that Sanford sold 25,000 shares of common stock on January 13, 2025. This decision comes amid a 17% decline in EXPI shares over the past year; however, analysts maintain an average price target of $15.75, indicating potential upside. According to InvestingPro analysis, the stock is currently trading below its Fair Value. The shares were sold at an average price of $10.7425, with prices ranging from $10.61 to $10.88, yielding a total transaction value of about $268,562.
Post-sale, Sanford still holds 40,122,450 shares in the company. This transaction was carried out under a pre-arranged trading plan designed for structured share sales. As a director and significant shareholder, Sanford’s trading activities are closely observed by both investors and analysts.
In other news, eXp World Holdings has made headlines with several important developments. The company has reached a $34 million settlement to resolve a national class action lawsuit, as disclosed in a recent 8-K filing with the Securities and Exchange Commission. This settlement is pending court approval and will result in a pre-tax charge of $34 million for eXp World Holdings, affecting the company’s financial statements.
Additionally, eXp World Holdings sold crucial assets from its Virbela software platform to Virbela LLC, a company owned by eXp’s former Co-Founder and President Alex Howland and Co-Founder and Vice President of Engineering Erik Hill. The Board of Directors also approved a Ninth Amendment to the company’s stock repurchase plan, modifying the monthly repurchase amounts through the end of 2025.
On the financial side, the company reported a modest increase in revenue to $1.231 billion in Q3 2024, reflecting a 2% year-over-year growth. The adjusted EBITDA rose by 15%, reaching $23.9 million. However, eXp faced a GAAP net loss of $8.5 million due to an $18 million contingency provision related to an ongoing antitrust lawsuit.
Despite the challenges in the U.S. real estate market, eXp saw substantial growth in its international sector, recording a 63% increase in revenue and planning to expand into Turkey, Peru, and Egypt in early 2025. Additionally, the company launched homehunter.global and acquired LUXVT to enhance its offerings in the luxury market. Even with a 4% decline in agent count, eXp remains positive about future growth opportunities within the real estate sector.
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