Porch Group (NASDAQ:PRCH) Director Amanda Reierson Sells 33,135 Shares of Stock

Key Points

• Director Amanda Reierson sold 33,135 Porch Group shares at an average price of $16.46, generating approximately $545,402. The Rule 10b5-1 transaction reduced her ownership by 19.8% to 134,180 shares.
• Porch Group shares fell 1.0% to $15.89, while the company reported quarterly revenue of $131.81 million and EPS of $0.05, exceeding analyst expectations.
• Institutional ownership stands at 48.48%, and analysts maintain a “Moderate Buy” consensus with an average price target of $18.42.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Amanda Reierson sold 33,135 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $16.46, for a total value of $545,402.10. Following the transaction, the director owned 134,180 shares of the company's stock, valued at approximately $2,208,602.80. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Porch Group Trading Down 1.0%

Shares of PRCH stock traded down $0.16 on Wednesday, hitting $15.89. The stock had a trading volume of 1,483,638 shares, compared to its average volume of 1,717,530. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a market capitalization of $2.09 billion, a P/E ratio of -132.42 and a beta of 3.17. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The company's 50 day moving average price is $15.57 and its 200-day moving average price is $11.66.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $122.30 million. Analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently made changes to their positions in PRCH. BlackRock Inc. purchased a new stake in shares of Porch Group during the second quarter worth approximately $128,995,000. Granahan Investment Management LLC lifted its stake in Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock worth $105,821,000 after acquiring an additional 1,953,736 shares during the last quarter. Park West Asset Management LLC purchased a new position in Porch Group in the second quarter worth approximately $53,194,000. GC Wealth Management RIA LLC acquired a new position in Porch Group during the 1st quarter worth approximately $29,230,000. Finally, Jupiter Topco LLC acquired a new position in Porch Group during the 2nd quarter worth approximately $21,979,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Cantor Fitzgerald raised their price objective on shares of Porch Group from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Benchmark increased their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price target on shares of Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Finally, B. Riley Financial upped their price objective on Porch Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Porch Group currently has an average rating of "Moderate Buy" and an average target price of $18.42.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company's products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.

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