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Robert L. Reffkin, the Chairman and CEO of Compass , Inc. (NYSE:COMP), a $4.2 billion real estate technology company whose stock has surged nearly 100% over the past year, recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Reffkin sold 224,510 shares of Class A Common Stock, generating proceeds of approximately $1.77 million. The shares were sold at a weighted average price of $7.9028, with individual transaction prices ranging from $7.90 to $7.93 per share. According to InvestingPro, the stock is currently trading near its 52-week high of $7.95, having gained about 30% year-to-date.
Following this transaction, Reffkin retains direct ownership of 1,139,136 shares. Additionally, he holds indirect ownership of 7,828,116 shares through various trusts and investment vehicles, as detailed in the filing's footnotes. The sale was conducted automatically under a Rule 10b5-1 plan, which Reffkin adopted on May 10, 2024. InvestingPro analysis indicates the stock is currently overvalued, with 14+ additional insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Compass Inc. has been the subject of several analyst updates and financial adjustments. UBS upgraded Compass's stock rating from Neutral to Buy, raising the price target to $11.00, based on the company's recent acquisition and potential for organic growth. The firm projects a 14% three-year revenue compound annual growth rate and a 60% adjusted EBITDA CAGR through the fiscal year 2027.
Meanwhile, Compass's financial performance led Needham to maintain a Buy rating and a $10.00 price target for the company's stocks. The firm surpassed its revenue and adjusted EBITDA guidance midpoint by 8% and 230%, respectively, attributed to an increase in agent numbers, improved market conditions, and consistent operational expense discipline.
Compass also updated its financial outlook for the fourth quarter of 2024 and the full year, signaling stronger performance than previously anticipated. The company projects record Adjusted EBITDA and free cash flow for 2024, with Q4 revenue expected between $1.36 billion and $1.39 billion, and full-year revenue estimated to reach between $5.61 billion and $5.64 billion.
Lastly, Oppenheimer raised its price target on Compass shares to $9.50, maintaining its Outperform rating. The adjustment follows Compass's strategic acquisition of Christie's International Real Estate, Midwest, and Atlanta brokerages, as well as a Title company, in a deal valued at $444 million. The acquisition is expected to bring in international referrals, expand title services, and achieve $30 million in cost synergies over time.
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