Yaakov Beyman, the Executive Vice President of the Insurance Division at Reliance Global Group, Inc. (NASDAQ:RELI), recently sold 3,001 shares of the company's common stock. The transaction, which took place on December 23, 2024, was executed at an average price of $3.8009 per share, totaling approximately $11,406. The sale occurred as RELI shares have experienced significant volatility, with the stock down over 71% in the past year. According to InvestingPro analysis, the company currently shows weak financial health with a score of 1.69 out of 5. Following this sale, Beyman retains ownership of 6,667 shares in the company. This transaction was filed with the Securities and Exchange Commission and is part of the routine disclosures required for company insiders. With a current market capitalization of just $4.62 million, RELI trades below InvestingPro's calculated Fair Value, suggesting potential undervaluation despite its challenges. Subscribers can access 12 additional ProTips and a comprehensive Pro Research Report for deeper insights into RELI's financial position and market outlook.
In other recent news, Reliance Global Group reported several key developments. The company's recent earnings announcement revealed a 5% increase in revenues, reaching $3.4 million, alongside a significant reduction in operating expenses by 16%. This resulted in a 64% improvement in the loss from operations and a positive adjusted EBITDA of approximately $42,000, marking a 121% increase year-over-year.
The company also announced strategic expansion plans, including the acquisition of Spetner Associates, expected to nearly double consolidated revenues. Additionally, an AI-powered solution was launched on the RELI Exchange platform to enhance agent efficiency and client satisfaction.
In preparation for the annual stockholders meeting, several key proposals were voted upon. These included the election of directors, approval of an incentive plan, an increase in authorized shares, and the ratification of Urish Popeck & Co., LLC as the company's independent registered public accounting firm.
To ensure adequate stockholder participation, Reliance Global Group enlisted the services of Morrow Sodali LLC, a proxy solicitation firm. These developments reflect the company's ongoing efforts to strengthen its financial position and enhance shareholder value.
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