BELLINGHAM, WA—Glenn Darrel Sanford, CEO and Chairman of the Board at eXp World Holdings, Inc. (NASDAQ:EXPI), recently sold 36,630 shares of the company's common stock. The shares were sold at an average weighted price of $11.9713, with individual transactions ranging from $11.67 to $12.07. The sale comes as EXPI stock has experienced a nearly 8% decline over the past week, according to InvestingPro data. Following this transaction, Sanford retains ownership of 40,172,450 shares in the company. This sale was executed as part of a pre-arranged trading plan. While the stock has faced recent pressure, InvestingPro analysis shows the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 1.4. InvestingPro subscribers can access 18 additional key insights about EXPI, including detailed insider trading patterns and comprehensive valuation metrics in the Pro Research Report.
In other recent news, eXp World Holdings reported a slight revenue increase to $1.231 billion in Q3 2024, marking a 2% year-over-year growth. The company's adjusted EBITDA also rose by 15%, reaching $23.9 million. Despite 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.
In a strategic move, eXp World Holdings 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. Furthermore, the company's Board of Directors approved a Ninth Amendment to the company's stock repurchase plan, adjusting the monthly repurchase amounts through the end of 2025.
In addition to these developments, eXp World Holdings also 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. Despite a decrease in agent count by 4%, eXp World Holdings remains optimistic about future growth opportunities in the real estate market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.