Insider Selling: Porch Group (NASDAQ:PRCH) Director Sells 5,000 Shares of Company Stock

Key Points

• Porch Group director Amanda Reierson sold 5,000 shares at an average price of $17.95, generating $89,750. The transaction was made under a pre-arranged Rule 10b5-1 plan, leaving her with 120,679 shares.
• Porch Group shares rose 3.0% to $18.18, near their 52-week high of $18.41. The company recently beat quarterly earnings and revenue expectations, reporting $0.05 in EPS on $131.81 million in revenue.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $19.64; institutional investors own 48.48% of the company.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Amanda Reierson sold 5,000 shares of the firm's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $17.95, for a total transaction of $89,750.00. Following the sale, the director directly owned 120,679 shares of the company's stock, valued at approximately $2,166,188.05. The trade was a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Porch Group Stock Up 3.0%

Shares of Porch Group stock traded up $0.53 on Tuesday, hitting $18.18. 2,317,940 shares of the company's stock traded hands, compared to its average volume of 1,712,104. The stock has a market cap of $2.40 billion, a P/E ratio of -151.50 and a beta of 3.18. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The firm's 50-day moving average is $16.96 and its 200 day moving average is $13.24. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $18.41.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. The firm had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Equities analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC acquired a new stake in shares of Porch Group in the second quarter valued at approximately $40,000. State of Wyoming bought a new stake in shares of Porch Group during the second quarter valued at approximately $64,000. PNC Financial Services Group Inc. boosted its position in shares of Porch Group by 697.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock worth $67,000 after buying an additional 8,213 shares during the period. Cetera Investment Advisers acquired a new position in shares of Porch Group during the first quarter worth approximately $74,000. Finally, Persistent Asset Partners Ltd bought a new position in Porch Group in the 2nd quarter worth approximately $103,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cantor Fitzgerald increased their target price on shares of Porch Group from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Friday, September 25th. Texas Capital raised shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd. Zacks Research raised shares of Porch Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 15th. Weiss Ratings raised shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Finally, Craig Hallum increased their price objective on shares of Porch Group from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Porch Group has an average rating of "Moderate Buy" and an average target price of $19.64.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.

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