eXp World (NASDAQ:EXPI) Trading Down 10% Following Weak Earnings

eXp World Holdings, Inc. (NASDAQ:EXPI) dropped 10% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $12.91 and last traded at $12.93. Approximately 497,108 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,070,462 shares. The stock had previously closed at $14.36.

The technology company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). eXp World had a negative return on equity of 1.50% and a negative net margin of 0.60%. The firm had revenue of $1.30 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the business earned $0.06 earnings per share. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis.

Analyst Ratings Changes

A number of brokerages have recently commented on EXPI. DA Davidson increased their price objective on eXp World from $11.75 to $13.50 and gave the company a “neutral” rating in a report on Thursday. BTIG Research raised eXp World from a “sell” rating to a “neutral” rating in a report on Tuesday, July 23rd.

Insider Buying and Selling

In related news, CEO Glenn Darrel Sanford sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $14.48, for a total transaction of $579,200.00. Following the completion of the transaction, the chief executive officer now owns 41,170,297 shares in the company, valued at approximately $596,145,900.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 334,783 shares of company stock worth $4,253,940 in the last 90 days. 35.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On eXp World

Several hedge funds and other institutional investors have recently made changes to their positions in EXPI. Norges Bank acquired a new stake in shares of eXp World in the 4th quarter valued at $7,141,000. Vident Advisory LLC increased its stake in shares of eXp World by 594.0% in the 1st quarter. Vident Advisory LLC now owns 289,831 shares of the technology company’s stock valued at $2,994,000 after buying an additional 248,070 shares during the period. Nordea Investment Management AB increased its stake in shares of eXp World by 49.3% in the 1st quarter. Nordea Investment Management AB now owns 412,393 shares of the technology company’s stock valued at $4,326,000 after buying an additional 136,151 shares during the period. Vanguard Group Inc. grew its stake in shares of eXp World by 0.9% during the first quarter. Vanguard Group Inc. now owns 12,109,705 shares of the technology company’s stock worth $125,093,000 after purchasing an additional 107,303 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of eXp World by 12.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 877,657 shares of the technology company’s stock worth $13,621,000 after purchasing an additional 93,810 shares during the period. 27.17% of the stock is owned by institutional investors and hedge funds.

eXp World Price Performance

The business has a 50 day moving average of $11.79 and a 200 day moving average of $11.60. The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -79.05 and a beta of 2.34.

eXp World Company Profile

eXp World Holdings, Inc, together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers. The company operates through North American Realty, International Realty, Virbela, and Other Affiliated Services segments. It provides Virbela, a cloud-based technologies that provides data, lead generation, and marketing tools for real estate agents and employees.