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Top Compass Executives Selling Chunks of Their Stock

When the ship is sinking … It’s selling season for two key Compass executives.

Joseph Sirosh, Compass’ chief technology officer, sold just over 220,000 shares of company stock across three transactions this week, SEC filings show. After the transactions, Sirosh has just under 330,000 Class A shares remaining, meaning that he sold about 40 percent of his Class A stock.

Sirosh sold his shares at between $3.66 and $4.04, netting him a total of just under $870,000, the filings show. His remaining Class A shares, at the current price of $3.62, are worth about $1.2 million.

Meanwhile, Danielle Wilkie, Compass’ head of customer success, cashed out of virtually all her company stock this week, divesting more than 33,000 shares at an average price of $4.03. The sale, which netted Wilkie just over $135,000, leaves her with a nominal amount of equity in the company, just 302 shares that would today be worth under $1,100.

Compass declined to comment on the stock sales. As officers of the company, Sirosh and Wilkie sold their shares through 10b5-1, which allows insiders to plan trades in advance in compliance with SEC laws.

Sirosh joined Compass in December 2018 from Microsoft, where he led the expansion of the company’s cloud AI and data products. Wilkie joined the firm in July 2019, from NBC.

Compass Stock Shares are Down 62% This Year

Compass shares are down about 62 percent this year, compared to Redfin (down 74 percent), Douglas Elliman (down 46 percent), and Anywhere (down 33 percent). In its earnings call Monday, the company announced it had lost $101 million in the second quarter and $289 million in the first half of the year. Looking ahead, it slashed revenue forecasts by about $1.5 billion, pointing to a challenging housing market, and said it would take steps to reach profitability.

The company had its target share price cut by a number of banks this week, including Morgan Stanley, Goldman Sachs, and Barclays, with which it has a revolving credit facility.

Source: The Real Deal