What happened
Shares of eXp World (EXPI -0.95%) climbed 20.2% in June, according to data from S&P Global Market Intelligence. The cloud-based realtor's stock gained ground amid momentum for the broader market, and it also appears to have gotten a boost from positive analyst coverage.
eXp announced on its Instagram page late in May that its platform had reached over 55,000 agents worldwide. DA Davidson analyst Tom White then published a note on the company on June 8, maintaining a buy rating on the stock and reiterating his one-year price target of $62 per share.
Image source: Getty Images.
So what
White's price target of $62 per share for eXp suggested an upside of roughly 67.5% at the time of the note's publication. He stated that the company appeared to be on track to close out the quarter with roughly 57,000 agents on its platform and that recent user gains reflect the value the company's service is providing to agents. The recent momentum appears to bode well for future growth, and the analyst's target still suggests upside of roughly 56.6% even after subsequent gains for the stock.
Now what
eXp stock has continued to climb early in July. The company's share price rose 2.2% on the month's first day of trading.
eXp has been growing sales at a rapid clip, with revenue climbing 115% year over year to reach $583.8 million in the first quarter. Its business model is heavily focused on bringing new agents onto the platform, which should help drive long-term growth, and the company's agent count was up 77% year over year last quarter. eXp appears well positioned to continue pushing the online real estate market forward and capitalizing on growing demand for these services.
eXp World has a market capitalization of roughly $5.9 billion and is valued at approximately 1.9 times this year's expected sales.
