Ashford Capital Management Inc. Sells 123,710 Shares of Porch Group, Inc. $PRCH

Key Points

• Ashford Capital Management cut its Porch Group stake by 23.4% in the fourth quarter, selling 123,710 shares and leaving it with 404,670 shares valued at about $3.7 million.
• Insider selling continued, with CFO Shawn Tabak and COO Matthew Neagle both selling shares to cover tax withholding obligations tied to vested equity awards.
• Wall Street remains cautiously positive on Porch Group overall, with seven Buy ratings, one Hold, and one Sell, and an average price target of $17.21, while the stock was trading at $11.40 after an 8.6% rise.

Ashford Capital Management Inc. lowered its holdings in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 23.4% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 404,670 shares of the company's stock after selling 123,710 shares during the quarter. Ashford Capital Management Inc. owned approximately 0.33% of Porch Group worth $3,695,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Aster Capital Management DIFC Ltd lifted its holdings in Porch Group by 956.3% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock worth $26,000 after buying an additional 1,377 shares during the period. Larson Financial Group LLC lifted its holdings in Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after buying an additional 1,499 shares during the period. RiverPark Advisors LLC purchased a new stake in Porch Group in the 3rd quarter worth approximately $39,000. Marble Harbor Investment Counsel LLC purchased a new stake in Porch Group in the 4th quarter worth approximately $97,000. Finally, State of Wyoming purchased a new position in shares of Porch Group in the 2nd quarter valued at approximately $111,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 3,944 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $10.87, for a total transaction of $42,871.28. Following the completion of the sale, the chief financial officer owned 265,495 shares of the company's stock, valued at approximately $2,885,930.65. The trade was a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 62,344 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value of $609,724.32. Following the sale, the chief operating officer directly owned 1,990,705 shares of the company's stock, valued at $19,469,094.90. This represents a 3.04% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 2,505,010 shares of company stock valued at $22,195,198. Corporate insiders own 27.78% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PRCH shares. Stephens started coverage on Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Porch Group in a research note on Friday, May 22nd. Zacks Research upgraded Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Finally, Benchmark raised their target price on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Porch Group presently has an average rating of "Moderate Buy" and an average price target of $17.21.

Porch Group Stock Up 8.6%

PRCH stock opened at $11.40 on Wednesday. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The firm has a market cap of $1.46 billion, a PE ratio of -67.05 and a beta of 3.22. The business has a 50 day moving average of $9.31 and a 200 day moving average of $8.70.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.06. The business had revenue of $109.44 million during the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. On average, research analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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