Insider Selling: Porch Group (NASDAQ:PRCH) CFO Sells 10,511 Shares of Stock

Key Points

• Porch Group CFO Shawn Tabak sold 10,511 shares on May 8 at an average price of $11.12, totaling about $116,882. After the sale, he still held 331,894 shares, and the transaction was filed with the SEC as part of tax withholding tied to equity vesting.
• Tabak has been actively selling shares recently, with multiple additional sales in April and early May, suggesting a consistent pattern of insider selling over the past few weeks.
• Porch Group shares were down 1.9% to $10.33 in Tuesday trading, while the company’s latest earnings beat estimates with a smaller-than-expected loss and stronger-than-expected revenue.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 10,511 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $11.12, for a total transaction of $116,882.32. Following the sale, the chief financial officer directly owned 331,894 shares in the company, valued at $3,690,661.28. This trade represents a 3.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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, 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 transaction of $109,794.85.
• On Tuesday, April 28th, Shawn Tabak sold 10,454 shares of Porch Group stock. The stock was 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 stock was 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 transaction 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 stock was sold at an average price of $6.84, for a total value 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 transaction of $55,298.10.
• On Tuesday, April 7th, Shawn Tabak sold 9,344 shares of Porch Group stock. The stock was sold at an average price of $7.19, for a total transaction of $67,183.36.

Porch Group Trading Down 1.9%

NASDAQ:PRCH traded down $0.20 on Tuesday, hitting $10.33. The stock had a trading volume of 1,447,839 shares, compared to its average volume of 1,735,514. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of -60.76 and a beta of 3.24. The company has a fifty day moving average price of $8.01 and a two-hundred day moving average price of $9.11. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on PRCH shares. Benchmark raised their price objective on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods upgraded shares of Porch Group from a "market perform" rating to an "outperform" rating and dropped their price target for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Stephens began coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 price target on the stock. Finally, Zacks Research upgraded shares of Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.69.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. lifted its holdings in Porch Group by 697.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock worth $67,000 after buying an additional 8,213 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company's stock valued at $11,040,000 after acquiring an additional 455,817 shares during the last quarter. Swiss National Bank raised its position in shares of Porch Group by 23.4% during the 1st quarter. Swiss National Bank now owns 165,000 shares of the company's stock worth $1,183,000 after acquiring an additional 31,300 shares in the last quarter. Emerald Mutual Fund Advisers Trust raised its position in shares of Porch Group by 42.3% during the 1st quarter. Emerald Mutual Fund Advisers Trust now owns 56,315 shares of the company's stock worth $404,000 after acquiring an additional 16,738 shares in the last quarter. Finally, Chicago Partners Investment Group LLC acquired a new stake in Porch Group during the first quarter worth approximately $265,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

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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