Insider Selling: Porch Group, Inc. (NASDAQ:PRCH) Director Sells 25,000 Shares of 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 company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following the sale, the director owned 177,991 shares of the company's stock, valued at approximately $2,707,243.11. The trade was a 12.32% 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 hyperlink.

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

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

Porch Group Price Performance

PRCH stock traded up $0.38 during trading on Tuesday, reaching $15.27. The company had a trading volume of 943,233 shares, compared to its average volume of 2,469,785. Porch Group, Inc. has a 52 week low of $1.09 and a 52 week high of $17.38. The company has a market cap of $1.86 billion, a P/E ratio of 29.90 and a beta of 2.72. The business has a 50 day moving average of $12.22 and a 200 day moving average of $8.55.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.16. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. The company had revenue of $119.30 million during the quarter, compared to the consensus estimate of $98.06 million. Research analysts expect 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 made changes to their positions in the business. Rhumbline Advisers lifted its holdings in shares of Porch Group by 18.4% during the second quarter. Rhumbline Advisers now owns 117,777 shares of the company's stock valued at $1,389,000 after purchasing an additional 18,341 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Porch Group by 1,203.8% during the second quarter. Legal & General Group Plc now owns 108,759 shares of the company's stock valued at $1,282,000 after purchasing an additional 100,417 shares during the last quarter. Creative Planning purchased a new position in shares of Porch Group during the second quarter valued at approximately $136,000. Calamos Advisors LLC purchased a new position in shares of Porch Group during the second quarter valued at approximately $982,000. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Porch Group by 12.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,915 shares of the company's stock valued at $211,000 after purchasing an additional 1,916 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PRCH shares. B. Riley started coverage on shares of Porch Group in a report on Tuesday, July 1st. They set a "buy" rating and a $15.00 target price for the company. Loop Capital reiterated a "buy" rating and set a $13.00 target price (up from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. 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 report on Wednesday, August 6th. Finally, Benchmark reiterated a "buy" rating and set a $17.00 target price (up from $12.00) on shares of Porch Group in a report on Wednesday, July 30th. One analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Porch Group presently has a consensus rating of "Buy" and a consensus price target of $12.43.

Porch Group Company Profile

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.