Porch Group (NASDAQ:PRCH) CFO Shawn Tabak Sells 6,690 Shares of Company Stock

Key Points

• Porch Group CFO Shawn Tabak sold 6,690 shares at an average price of $17.35, generating $116,071.50. The sale was made to cover tax withholding obligations from vested equity awards, leaving him with 206,059 shares.
• PRCH shares rose 0.8% to $17.31, near the company’s 12-month high of $18.37. The stock has gained substantially, with its 200-day moving average at $12.60.
• Porch Group reported quarterly EPS of $0.05, beating estimates of a $0.03 loss, while revenue of $131.81 million exceeded expectations. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $18.75.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 6,690 shares of Porch Group stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $116,071.50. Following the completion of the transaction, the chief financial officer directly owned 206,059 shares of the company's stock, valued at approximately $3,575,123.65. This trade represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Shawn Tabak also recently made the following trade(s):

• On Monday, October 5th, Shawn Tabak sold 2,746 shares of Porch Group stock. The shares were sold at an average price of $16.83, for a total value of $46,215.18.
• On Wednesday, August 5th, Shawn Tabak sold 25,000 shares of Porch Group stock. The stock was sold at an average price of $16.21, for a total value of $405,250.00.

Porch Group Trading Up 0.8%

PRCH stock traded up $0.14 during mid-day trading on Wednesday, reaching $17.31. The company's stock had a trading volume of 2,030,450 shares, compared to its average volume of 1,714,197. The company has a market cap of $2.28 billion, a price-to-earnings ratio of -144.25 and a beta of 3.18. The business's 50 day moving average price is $16.56 and its 200 day moving average price is $12.60. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $18.37.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.08. The firm had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, equities research analysts predict that Porch Group, Inc. will post -0.09 EPS for the current year.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCH. Integrated Wealth Concepts LLC acquired a new position in Porch Group during the second quarter worth $138,000. NewEdge Advisors LLC acquired a new position in shares of Porch Group during the second quarter valued at about $198,000. Corient Private Wealth LP grew its holdings in shares of Porch Group by 550.4% during the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company's stock valued at $1,070,000 after buying an additional 60,212 shares during the last quarter. Concurrent Investment Advisors LLC increased its position in shares of Porch Group by 10.2% during the second quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company's stock worth $1,755,000 after acquiring an additional 10,812 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Porch Group by 2.8% during the second quarter. Hsbc Holdings PLC now owns 39,370 shares of the company's stock worth $587,000 after acquiring an additional 1,065 shares in the last quarter. Institutional investors own 48.48% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRCH shares. Cantor Fitzgerald upped their price objective on shares of Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, September 25th. Benchmark raised their target price on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Texas Capital raised Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods increased their price target on Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.75.

Porch Group Company Profile

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group's products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.

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