Financial services firm DA Davidson has reduced its price target for eXp World Holdings, Inc. (AGNT) to $10.25 from $11, according to a report on May 13, 2026.

The firm maintained its Buy rating on the real estate holding company despite a challenging housing market and uncertain macroeconomic environment.

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Agent Count Decline and Q1 Performance

DA Davidson noted a decrease in eXp World Holdings' total agent count compared to the fourth quarter.

Internal assessments suggest the downward trend has continued into the second quarter of 2026.

However, the company delivered solid execution in the first quarter.

Gross profit reached $75.3 million, supported by higher agent productivity that allowed more agents to hit commission caps.

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Chief Financial Officer Jesse Hill highlighted that improved efficiency helped offset the agent reduction.

The operating loss narrowed to $8.8 million, a 15% improvement from the $10.4 million loss in the same quarter last year.

Adjusted EBITDA came in at $4.1 million, exceeding the midpoint of the company's guidance range of $2 million to $5 million.

Cash reserves grew 6% year-over-year to $122 million.

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Segment Growth and Ticker Change

The North America Realty segment generated $965.1 million in revenue and contributed $10 million in adjusted EBITDA.

International operations posted the strongest growth, with a 27% increase in the first quarter.

Founder, Chairman, and CEO Glenn Sanford announced that the company changed its stock ticker symbol to AGNT. He described the move as strategically meaningful for corporate identity.

eXp World Holdings is the parent of eXp Realty and SUCCESS Enterprises.

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eXp Realty operates as an independent brokerage with over 82,000 agents in 29 countries, offering commission splits, revenue sharing, and equity ownership.