Insider Selling: Porch Group (NASDAQ:PRCH) CFO Sells 3,944 Shares of Stock

Key Points

• Porch Group CFO Shawn Tabak sold 3,944 shares on June 2 at an average price of $10.87, totaling about $42,871. The sale was disclosed in an SEC filing and was made to cover tax withholding tied to vesting equity awards.
• Tabak has made several recent insider sales, including a much larger 30,000-share sale on May 26 and multiple additional sales in late April and May, indicating repeated reductions in his stake.
• Porch Group’s stock traded lower to $9.65 in Thursday trading after the report, while the company also recently beat earnings and revenue expectations for its last quarter and maintains a Moderate Buy analyst consensus.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 3,944 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $10.87, for a total value of $42,871.28. Following the completion of the sale, the chief financial officer directly owned 265,495 shares in the company, valued at approximately $2,885,930.65. This represents a 1.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 26th, Shawn Tabak sold 30,000 shares of Porch Group stock. The shares were sold at an average price of $10.08, for a total value of $302,400.00.
• On Wednesday, May 20th, Shawn Tabak sold 10,881 shares of Porch Group stock. The shares were sold at an average price of $9.78, for a total value of $106,416.18.
• On Friday, May 15th, Shawn Tabak sold 10,467 shares of Porch Group stock. The shares were sold at an average price of $10.34, for a total value of $108,228.78.
• 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 shares were 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 shares were 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 shares were sold at an average price of $8.12, for a total value of $62,767.60.

Porch Group Price Performance

Shares of NASDAQ PRCH traded down $0.29 during mid-day trading on Thursday, hitting $9.65. 1,272,480 shares of the stock traded hands, compared to its average volume of 1,708,381. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a market cap of $1.23 billion, a PE ratio of -56.76 and a beta of 3.22. The firm has a 50 day simple moving average of $8.83 and a two-hundred day simple moving average of $8.67.

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 return on equity of 115.59% and a negative net margin of 3.41%.The company had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. As a group, equities research analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRCH. GC Wealth Management RIA LLC bought a new position in Porch Group during the 1st quarter worth $29,230,000. Invesco Ltd. raised its position in shares of Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock worth $63,681,000 after acquiring an additional 3,103,018 shares in the last quarter. Park West Asset Management LLC raised its position in shares of Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock worth $46,106,000 after acquiring an additional 2,867,084 shares in the last quarter. Granahan Investment Management LLC raised its position in shares of Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock worth $105,821,000 after acquiring an additional 1,953,736 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Porch Group by 264.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company's stock worth $9,899,000 after acquiring an additional 786,583 shares in the last quarter. 48.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Benchmark raised their price objective on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods raised Porch Group from a "market perform" rating to an "outperform" rating and cut their price objective for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Weiss Ratings reissued a "sell (d-)" rating on shares of Porch Group in a report on Friday, May 22nd. Finally, Stephens initiated coverage on Porch Group in a research report on Monday, May 4th. They set an "overweight" rating and a $12.00 target price for the company. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.21.

Porch Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.