Seeking Alpha
Profile|
( followers)  
Nationally, new home sales at the last count were down 17% from a year earlier with existing home sales falling by 12%. Ian Morris, CEO of HouseValues (SOLD) recently sold 35K of his company's shares at an average of $6.27 each for $219,460.
  • SOLD offers a range of services to real estate agents and to buyers and sellers. Its HouseValues.com targets home sellers, suggesting a listing price and connecting real estate agents with both buyers and sellers.
  • SOLD's JustListed.com site targets home buyers by emailing listings to them based on personalized requests while agents also get an online prospect management system called Market Leader.
  • Like all other companies in this sector, SOLDs profits have been falling. For the 2nd quarter it made $1.9 million or 7 cents a share against $3.7 million or 14 cents a share a year earlier. To make matters worse, when announcing these figures last July SOLD announced that its CFO had left the company and that it would no longer provide guidance as to future profits, presumably because it hasn't a clue what is going to happen.
  • Selling by the CEO just during such a crucial time when the CFO has left and profits are in steady downfall should suggest the lack of faith in SOLD. A possible short.

    SOLD 1-yr Chart


    Comment on this article

    Source: Follow HouseValues' CEO Out of Company Shares