Since the stock began trading in early 2014, the highest price eXp World Holdings Inc (OTCMKTS:EXPI) ever sold was at $1.82.In 2016, the price suddenly surge above the $3 mark before around the $2.8 range.Now in 2017, its price has exploded up the charts and it looks it is set to continue. In this piece, you will find out about the company and the cause of the drastic rise in value.But first, take a look at the price action below: EXPI Daily ChartIn early September, its momentum was supported by suggestions that analysts were becoming more optimistic on EXPI’s earnings for the coming quarter and year. In fact, consensus estimates had moved sharply higher for both of these time frames over within the month, suggesting that eXp World Holdings could be a solid choice for investors.Brief HistoryeXp World Holdings, Inc. was founded by Glenn Darrel Sanford on July 30, 2008 and is headquartered in Bellingham, Washington. It is the holding company for eXp Realty.eXp Realty has been engaged in the marketing and sale of residential real estate and the first nationally recognized cloud-based, full-service, agent-owned real estate brokerage, delivering around-the-clock access to collaborative tools, socialization and professional development for real estate brokers and agents.It provides full-service residential real estate brokerage services using a variety of tools including a fully immersive 3-D virtual office environment where agents, brokers and staff collaborate across borders while learning and transacting business from anywhere in the world. The business model was created to increase brokers' and agents' listings and sales, while reducing their overhead and capital requirements.It is one of the fastest growing real estate brokerage firms in North America with more than 5,000 agents in 44 U.S. states, the District of Columbia and the provinces of Alberta and Ontario, Canada. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.Recent DevelopmentsIn May 2017,eXp World Holdings announced that Mitch Ribak, principal broker of Tropical Realty Beachside and Tropical Realty of Suntree, Inc. (collectively referred to as "Tropical Realty") in Brevard County, Florida had transitioned his team of agents to eXp Realty. More than 45 agents in communities from Mims to Malabar and all the beaches of Brevard County joined eXp Realty as part of the new Tropical Realty team.Mitch Ribak was quoted:
"In my 35 years of working for myself I have never seen such a great opportunity, and more importantly, a great opportunity for my agents…This gives our growing team in a dynamic part of the country the ability to continue to excel and grow through world class support, programs and the most agent-centric revenue opportunities available today."
SourceJason Gesing, CEO OF eXp realty also highlighted the fact that a number of independent brokerages were also moving to eXp to become a part of the best of world class technology and support with agents that want to grow within a local market and enjoy the benefits of agent ownership. He welcomed Mitch and his team to eXp realty, classifying them as top notch and labelling the collaboration as another step in growing the company’s footprint throughout Florida and across the countryLater in October 2017 the firm announced at its fourth annual national conference, (EXPCON 2017), that it had surpassed 5,000 real estate agents across North America. This important milestone was a 175 percent growth from the same time last year.In the last seven months, more than 2,000 agents joined the eXp Realty family while the company also launched in four additional U.S. states and Ontario, Canada.eXp Realty's exponential growth signifies a shift in what agents and teams consider when choosing a brokerage. No longer is a physical office the best way to build community with other agents and clients. Now, agents have the ability to work in the cloud to collaborate, market their own brand and be part of redefining the real estate brokerage value proposition.As the only cloud-based real estate brokerage, eXp Realty has begun to transform real estate experience by allowing agents to defy distance in where and with whom they work, and establish direct ownership in the company while earning additional income for helping the company grow.eXp World Holdings CEO, chairman and founder, Glenn Sanford explained the details of the firm’s phenomenal growth over the past seven months. He stated that it had moved from approximately 3,000 agents in March 2017 to more than 5,000 by October of the same year. He went on to emphasize that this could not have been achieved without their outstanding team and the thousands of agents who share their positive experience with industry peers.eXp Realty makes a lot of sense for many agents. By offering a cloud office environment where they can collaborate with top professionals, and get online training and support; and be part of the future of real estate while growing their own future by earning both revenue and equity based on their activities with the company, the agent’s time and resources could be used more efficiently while growing their business.Financial InformationThe company released its second quarter results in June 2017. The results showed that revenues in the second quarter of 2017 increased 198% to $39.6 million, compared to $13.3 million in the same year-ago quarter. Sequentially, this represents growth of 80% when compared to $22.0 million in the first quarter of 2017.Net income in the second quarter of 2017 increased to $3.2 million, or $0.05 per diluted share, compared to net loss of $6.0 million, or $(0.12) per diluted share in the same year-ago quarter.Adjusted EBITDA increased by 166% to $1.6 million in the second quarter of 2017, compared to $0.6 million in the same year-ago quarter.Agents and brokers on the eXp Realty platform increased 180% to 3,913 on June 30, 2017, compared to 1,400 in the same year-ago period. Sequentially, this represents growth of 24% when compared to 3,113 agents and brokers on the platform as of March 31, 2017. As of August 13, 2017, the number of agents and brokers totaled 4,326.ConclusioneXp’s cloud solutions has positioned it to create a new type of market within the real estate industry. At this rate, the value can only keep going up.We will be updating our subscribers as soon as we know more. For the latest updates on EXPI, sign up below!Disclosure: We have no position in EXPI and have not been compensated for this article.
Discover Hidden Gems
Don't miss the next big opportunity. Subscribe for timely alerts on potential market movers.
