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BELLINGHAM, WA—Glenn Darrel Sanford, the CEO and Chairman of the Board of EXP World Holdings, Inc. (NASDAQ:EXPI), a prominent player in the real estate management industry with a market capitalization of $1.71 billion, recently sold 25,000 shares of the company's common stock. The shares were sold at an average price of $11.5177, resulting in a total transaction value of approximately $287,942.
The sales were executed on January 6, 2025, and were part of multiple transactions at prices ranging from $11.35 to $11.70 per share. Following this transaction, Sanford retains ownership of 40,147,450 shares in the company. According to InvestingPro data, EXPI's stock has declined nearly 20% over the past year, though the company maintains a strong balance sheet with more cash than debt.
Sanford's transactions were conducted under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a predetermined plan for selling stocks to avoid any potential insider trading accusations. InvestingPro subscribers can access 15+ additional insights about EXPI, including detailed valuation metrics and growth forecasts.
In other recent news, eXp World Holdings (NASDAQ:EXPI) reported a slight growth in revenue to $1.231 billion in Q3 2024, marking a 2% year-over-year increase. The company's adjusted EBITDA also rose by 15%, reaching $23.9 million. Despite facing a challenging U.S. real estate market, the company experienced a significant 63% growth in its international sector's revenue and is set to expand into Turkey, Peru, and Egypt in early 2025. However, an $18 million contingency provision for an ongoing antitrust lawsuit resulted in a GAAP net loss of $8.5 million for the company.
eXp World Holdings has also completed the sale of key 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, Engineering, Erik Hill. In a separate but related event, eXp's Board of Directors approved a Ninth Amendment to the company's stock repurchase plan, which adjusts the monthly repurchase amounts through the end of 2025.
In addition to these developments, eXp World Holdings launched homehunter.global and acquired LUXVT to enhance its luxury market offerings. Despite U.S. market challenges, improvements in agent productivity and higher home sales prices contributed to the company's revenue growth. However, the company does anticipate continued pressure on U.S. home sales in Q4, aligning with seasonal trends.
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