Insider Selling: Porch Group (NASDAQ:PRCH) CFO Sells 10,467 Shares of Stock

Key Points

• Porch Group CFO Shawn Tabak sold 10,467 shares on May 15 at an average price of $10.34, worth about $108,229. The sale reduced his direct holdings by 3.26% and was made to cover tax withholding tied to vesting equity awards.
• Tabak has been consistently selling shares in recent weeks, with multiple transactions throughout April and May totaling several tens of thousands of shares. The repeated sales suggest a steady reduction in his position rather than a one-off trade.
• Porch Group shares fell 2.0% to $9.77 on the day of the report, even as the stock traded above its recent average volume. The company recently beat quarterly earnings and revenue estimates, and analysts currently view the stock as a Moderate Buy with a $17.21 consensus price target.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 10,467 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $10.34, for a total value of $108,228.78. Following the completion of the transaction, the chief financial officer directly owned 310,320 shares of the company's stock, valued at $3,208,708.80. This represents a 3.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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, May 12th, Shawn Tabak sold 11,107 shares of Porch Group stock. The shares were sold at an average price of $10.52, for a total value of $116,845.64.
• On Friday, May 8th, Shawn Tabak sold 10,511 shares of Porch Group stock. The stock was sold at an average price of $11.12, for a total value of $116,882.32.
• On Tuesday, May 5th, Shawn Tabak sold 10,610 shares of Porch Group stock. The stock was sold at an average price of $10.43, for a total value of $110,662.30.
• On Friday, May 1st, Shawn Tabak sold 11,215 shares of Porch Group stock. The shares were sold at an average price of $9.79, for a total value of $109,794.85.
• On Tuesday, April 28th, Shawn Tabak sold 10,454 shares of Porch Group stock. The shares were sold at an average price of $8.11, for a total value of $84,781.94.
• On Friday, April 24th, Shawn Tabak sold 7,875 shares of Porch Group stock. The shares were sold at an average price of $7.68, for a total value of $60,480.00.
• On Tuesday, April 21st, Shawn Tabak sold 7,730 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total value of $62,767.60.
• On Friday, April 17th, Shawn Tabak sold 8,367 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total transaction of $65,848.29.
• On Tuesday, April 14th, Shawn Tabak sold 17,697 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total transaction of $121,047.48.
• On Thursday, April 9th, Shawn Tabak sold 7,734 shares of Porch Group stock. The stock was sold at an average price of $7.15, for a total value of $55,298.10.

Porch Group Trading Down 2.0%

Shares of Porch Group stock traded down $0.20 on Tuesday, reaching $9.77. 2,311,762 shares of the company's stock were exchanged, compared to its average volume of 1,751,203. The company has a market capitalization of $1.25 billion, a P/E ratio of -57.47 and a beta of 3.24. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28. The firm's 50-day moving average is $8.21 and its two-hundred day moving average is $8.91.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The company had revenue of $109.44 million during the quarter, compared to analyst estimates of $94.72 million. Sell-side analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRCH shares. Stephens started coverage on shares of Porch Group in a report on Monday, May 4th. They set an "overweight" rating and a $12.00 price objective on the stock. Keefe, Bruyette & Woods upgraded Porch Group from a "market perform" rating to an "outperform" rating and reduced their target price for the company from $13.00 to $10.50 in a research note on Wednesday, February 11th. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Finally, Benchmark increased their price target on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.21.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRCH. Aster Capital Management DIFC Ltd grew its position in shares of Porch Group by 956.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock valued at $26,000 after purchasing an additional 1,377 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after purchasing an additional 1,499 shares during the period. RiverPark Advisors LLC bought a new position in shares of Porch Group in the third quarter worth $39,000. Osbon Capital Management LLC bought a new position in shares of Porch Group in the fourth quarter worth $25,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Porch Group in the fourth quarter worth $38,000. Institutional investors own 48.48% of the company's stock.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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