Porch Group (NASDAQ:PRCH) Director Amanda Reierson Sells 8,501 Shares of Stock

Key Points

• Director Amanda Reierson sold 8,501 Porch Group shares at an average price of $17.95, generating approximately $152,593. The transaction reduced her direct ownership by 6.34% and was executed under a pre-arranged Rule 10b5-1 plan.
• Porch Group shares traded at $17.31, near their 52-week high of $18.37, with a market capitalization of approximately $2.28 billion. The company recently exceeded quarterly earnings and revenue expectations but remains unprofitable.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $18.75; institutional investors and hedge funds own approximately 48.48% of the stock.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Amanda Reierson sold 8,501 shares of the firm's stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $17.95, for a total transaction of $152,592.95. Following the transaction, the director directly owned 125,679 shares in the company, valued at $2,255,938.05. The trade was a 6.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Porch Group Stock Performance

Shares of NASDAQ:PRCH traded up $0.14 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 stock's 50-day moving average is $16.56 and its two-hundred day moving average is $12.60. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $18.37. 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 stock has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.08. The business had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. As a group, sell-side analysts forecast that Porch Group, Inc. will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. Integrated Wealth Concepts LLC purchased a new position in shares of Porch Group during the 2nd quarter worth approximately $138,000. NewEdge Advisors LLC purchased a new stake in shares of Porch Group in the second quarter valued at approximately $198,000. Corient Private Wealth LP boosted its stake in shares of Porch Group by 550.4% in 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 in the last quarter. Concurrent Investment Advisors LLC grew its holdings in 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 during the period. Finally, Hsbc Holdings PLC grew its holdings in 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 during the period. Institutional investors and hedge funds own 48.48% of the company's stock.

Wall Street Analyst Weigh In

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

About Porch Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.