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BELLINGHAM, WA—Glenn Darrel Sanford, the CEO and Chairman of the Board of eXp World Holdings, Inc. (NASDAQ:EXPI), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Sanford sold 25,000 shares of common stock on January 13, 2025. The sale comes as EXPI shares have declined about 17% over the past year, though analysts maintain an average price target of $15.75, suggesting potential upside. InvestingPro analysis indicates 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, generating a total transaction value of approximately $268,562.
Following this sale, Sanford retains ownership of 40,122,450 shares in the company. This transaction was conducted under a pre-arranged trading plan, providing a structured approach to selling shares. As both a director and a major shareholder, Sanford's trading activities are closely monitored by investors and analysts alike.
In other recent news, eXp World Holdings has been active with several significant developments. The company has agreed to a $34 million settlement to resolve a national class action lawsuit, according to a recent 8-K filing with the Securities and Exchange Commission. This settlement agreement, still subject to court approval, will result in a pre-tax charge of $34 million for eXp World Holdings, impacting the company's financial statements.
In addition to the settlement, eXp World Holdings sold 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. The Board of Directors also approved a Ninth Amendment to the company's stock repurchase plan, adjusting the monthly repurchase amounts through the end of 2025.
On the financial front, the company reported a slight growth in revenue to $1.231 billion in Q3 2024, a 2% year-over-year increase. The adjusted EBITDA also rose by 15%, reaching $23.9 million. However, the company faced a GAAP net loss of $8.5 million due to an $18 million contingency provision for an ongoing antitrust lawsuit.
Despite challenges in the U.S. real estate market, eXp experienced a significant 63% growth in its international sector's revenue and plans to expand into Turkey, Peru, and Egypt in early 2025. The company also launched homehunter.global and acquired LUXVT to enhance its luxury market offerings. Despite a 4% decrease in agent count, eXp remains optimistic about future growth opportunities in the real estate market.
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