BELLINGHAM, WA—Glenn Darrel Sanford, CEO and Chairman of the Board of eXp World Holdings, Inc. (NASDAQ:EXPI), recently sold a significant portion of his company stock, according to a recent filing. On November 5, Sanford sold a total of 50,000 shares of common stock, generating proceeds of approximately $705,463.
The shares were sold in multiple transactions, with prices ranging from $13.35 to $14.575 per share. Following these transactions, Sanford retains ownership of 40,539,780 shares.
These sales were conducted under a pre-arranged trading plan, as indicated in the filing. This move comes as Sanford continues to manage his substantial holdings in the real estate technology company.
"In other recent news, eXp World Holdings, Inc. has announced a strategic partnership with Sisu, a real estate business intelligence platform, providing its agents with access to real-time data and analytics tools at no extra cost. This collaboration is designed to enhance agent productivity and enable informed business decisions. Additionally, eXp Realty has launched the FastCap program, using Sisu's tracking features to help agents focus on daily tasks that contribute to long-term goals.
Simultaneously, eXp World Holdings has agreed to a $34 million settlement over allegations of anti-competitive practices. The settlement will be funded through available cash and will lead to changes in the company's business practices. Despite this, eXp World Holdings continues to deny the allegations.
In terms of financial performance, the company reported a 5% increase in revenue, reaching $1.295 billion in Q2 2024. This was accompanied by a 6% rise in agent productivity and a 1% increase in real estate sales transactions. Analysts have noted a 13% increase in adjusted EPA in North American Realty and over 1.1 million visits to the company's web-based frame technology in the first half of 2024. These developments reflect eXp World Holdings' ongoing commitment to becoming the most agent-centric brokerage in the industry."
InvestingPro Insights
While Glenn Darrel Sanford's recent stock sale might raise eyebrows, it's important to contextualize this move within eXp World Holdings' broader financial landscape. According to InvestingPro data, the company's market capitalization stands at $2.21 billion, with a revenue of $4.44 billion for the last twelve months as of Q2 2024. This suggests that despite the CEO's stock sale, eXp World Holdings maintains a significant market presence.
An InvestingPro Tip highlights that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects. This buyback strategy aligns with the company's commitment to creating shareholder value, even as the CEO reduces his personal stake.
Another relevant InvestingPro Tip notes that eXp World Holdings has raised its dividend for three consecutive years. With a current dividend yield of 1.37%, this consistent dividend growth may attract income-focused investors, potentially offsetting concerns about insider selling.
It's worth noting that eXp World Holdings has shown strong performance in recent months, with a 19.86% price total return over the last three months. This positive momentum, coupled with analysts' predictions that the company will be profitable this year, suggests that the market remains optimistic about eXp's future despite the recent insider sale.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for eXp World Holdings, providing a deeper understanding of the company's financial health and market position.
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