Porch Group (NASDAQ:PRCH) Stock: Insider Shawn Tabak Sells 2,746 Shares

Key Points

• CFO Shawn Tabak sold 2,746 Porch Group shares at an average price of $16.83, worth $46,215, to cover tax withholding tied to vested equity awards. He retained 212,749 shares; the filing also reported additional sales of 6,690 shares in October and 25,000 in August.
• Porch Group shares rose 0.8% to $17.31, near the upper end of their 12-month range. The company’s latest quarterly results beat expectations, with earnings of $0.05 per share versus a projected loss of $0.03 and revenue of $131.81 million.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $18.75; institutional investors own 48.48% of the company.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 2,746 shares of the firm's stock in a transaction on Monday, October 5th. The stock was sold at an average price of $16.83, for a total value of $46,215.18. Following the transaction, the chief financial officer owned 212,749 shares of the company's stock, valued at approximately $3,580,565.67. This represents a 1.27% 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 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 Tuesday, October 6th, Shawn Tabak sold 6,690 shares of Porch Group stock. The shares were sold at an average price of $17.35, for a total value of $116,071.50.
• 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%

Porch Group stock traded up $0.14 during midday trading on Wednesday, reaching $17.31. 2,030,450 shares of the stock traded hands, compared to its average volume of 1,714,197. The company has a 50-day simple moving average of $16.56 and a two-hundred day simple moving average of $12.60. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $18.37. The firm has a market cap of $2.28 billion, a PE ratio of -144.25 and a beta of 3.18. 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 (NASDAQ:PRCH - Get Free Report) last released its earnings results 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. The company had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. Research analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently added to or reduced their stakes in PRCH. Wellington Management Group LLP raised its stake in Porch Group by 5.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company's stock valued at $19,508,000 after acquiring an additional 70,139 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Porch Group in the 2nd quarter valued at approximately $1,920,000. Dimensional Fund Advisors LP increased its holdings in shares of Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company's stock valued at $11,040,000 after purchasing an additional 455,817 shares during the period. Legal & General Group Plc acquired a new stake in shares of Porch Group during the second quarter worth $904,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Porch Group in the 1st quarter valued at $1,015,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PRCH. Benchmark raised their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Cantor Fitzgerald lifted their target price on Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, September 25th. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. B. Riley Financial increased their price target on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, Texas Capital upgraded Porch Group to a "strong-buy" rating in a research note on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Porch Group presently has an average rating of "Moderate Buy" and a consensus 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.

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