Rachel Lam Sells 25,000 Shares of Porch Group, Inc. (NASDAQ:PRCH) Stock

Key Points

• Rachel Lam, a director at Porch Group, Inc., sold 25,000 shares at an average price of $15.21, totaling $380,250, representing a 12.32% decrease in her ownership.
• Following the sale, Porch Group's stock experienced a 4.6% decrease and traded at $14.20, despite the company recently reporting a quarterly earnings per share of $0.03, which beat analyst expectations.
• Several institutional investors have increased their stakes in Porch Group, with notable increases including a 801.6% growth in GAMMA Investing LLC's holdings during the first quarter.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Rachel Lam sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the transaction, the director owned 177,991 shares of the company's stock, valued at $2,707,243.11. The trade was a 12.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Rachel Lam also recently made the following trade(s):

• On Friday, June 13th, Rachel Lam sold 25,000 shares of Porch Group stock. The stock was sold at an average price of $10.75, for a total transaction of $268,750.00.

Porch Group Stock Up 1.0%

NASDAQ PRCH traded up $0.15 during trading hours on Wednesday, reaching $15.65. 253,113 shares of the company were exchanged, compared to its average volume of 2,462,111. Porch Group, Inc. has a 1 year low of $1.15 and a 1 year high of $17.38. The business's 50 day simple moving average is $12.34 and its 200-day simple moving average is $8.60. The stock has a market capitalization of $1.90 billion, a P/E ratio of 30.46 and a beta of 2.72.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.16. The firm had revenue of $119.30 million during the quarter, compared to the consensus estimate of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. As a group, sell-side analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Porch Group

Several large investors have recently modified their holdings of PRCH. Portolan Capital Management LLC increased its holdings in Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after acquiring an additional 1,900,416 shares during the period. Granahan Investment Management LLC lifted its position in Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after purchasing an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Porch Group during the fourth quarter valued at approximately $8,550,000. Hennessy Advisors Inc. bought a new stake in Porch Group during the second quarter valued at approximately $19,607,000. Finally, Invesco Ltd. lifted its position in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock valued at $8,277,000 after purchasing an additional 1,644,614 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Loop Capital reaffirmed a "buy" rating and issued a $13.00 price objective (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark reaffirmed a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a research note on Wednesday. Oppenheimer increased their target price on shares of Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Finally, B. Riley initiated coverage on shares of Porch Group in a research note on Tuesday, July 1st. They set a "buy" rating and a $15.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Porch Group presently has a consensus rating of "Buy" and an average price target of $13.71.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.