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SoftBank Vision Fund sells $63.3 million in Compass stock

Published 20/12/2024, 01:04 pm
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SoftBank (TYO:9984) Vision Fund, through its subsidiary SVF Excalibur (Cayman) Ltd, has sold 10 million shares of Compass, Inc. (NYSE:COMP) in a transaction dated December 17, 2024. The shares were sold at $6.33 each, totaling $63.3 million. The sale comes as Compass stock has shown significant volatility, with a 94% gain over the past year despite an 11.7% drop in the past week. According to InvestingPro analysis, the company's current market capitalization stands at $3.1 billion. Following this sale, SVF Excalibur holds approximately 58 million shares of Compass. The transaction was managed by SB Investment Advisers (UK) Ltd, which oversees the SoftBank Vision Fund's investments. This move is part of SoftBank's ongoing portfolio management strategy. InvestingPro data shows the stock is currently trading near its Fair Value, with 12 additional exclusive insights available to subscribers, including detailed analysis of the company's financial health and growth prospects.

In other recent news, Compass Incorporated displayed robust growth in its third-quarter earnings, with a significant year-over-year revenue increase and a rise in transactions. The company's adjusted EBITDA soared to $52 million, marking a 139% increase from the same quarter in the previous year. Moreover, Oppenheimer has raised its price target on Compass shares to $9.50, up from the previous $8.50, maintaining its Outperform rating for the real estate technology company. This adjustment follows Compass's strategic acquisition of Christie's International Real Estate, Midwest and Atlanta brokerages, as well as a Title company, in a deal valued at $444 million.

The acquisition is set to bring in international referrals through Christie's network and expand title services in attorney-directed states. Oppenheimer also anticipates that Compass will achieve $30 million in cost synergies over time. In addition to these developments, Compass's newly acquired brokerages, @properties and Ansley, are expected to complement the company's existing operations. Lastly, Oppenheimer has adjusted its growth forecasts for Compass, now expecting a 7% increase in fiscal year 2025 and a 15% rise in fiscal year 2026 for existing home sales. These recent developments underscore the ongoing momentum and growth trajectory of Compass Inc. in the real estate technology sector.

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