Porch Group (NASDAQ:PRCH) CFO Sells $116,845.64 in Stock

Key Points

• Porch Group CFO Shawn Tabak sold 11,107 shares on May 12 at an average price of $10.52, totaling about $116,846. The sale reduced his ownership by 3.35% and was made to cover tax withholding related to vested equity awards.
• Tabak has been actively selling shares throughout April and May, with multiple transactions each worth roughly $55,000 to $121,000. The repeated insider sales may be notable for investors watching management’s stock activity.
• Porch Group shares rose 1.9% to $10.43 on the day of the report, while the company recently beat Q1 expectations with EPS of -$0.04 versus -$0.10 expected and revenue of $109.44 million versus $94.72 million expected.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 11,107 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $10.52, for a total value of $116,845.64. Following the transaction, the chief financial officer owned 320,787 shares of the company's stock, valued at $3,374,679.24. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 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 transaction 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 transaction of $110,662.30.
• On Friday, May 1st, Shawn Tabak sold 11,215 shares of Porch Group stock. The stock was 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 transaction 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 transaction 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 value 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 shares were sold at an average price of $7.15, for a total value 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 value of $67,183.36.

Porch Group Trading Up 1.9%

Shares of Porch Group stock traded up $0.19 on Thursday, reaching $10.43. The company had a trading volume of 1,180,007 shares, compared to its average volume of 1,725,102. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -61.35 and a beta of 3.24. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The firm's 50-day moving average price is $8.09 and its two-hundred day moving average price is $9.03. 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 issued 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 company had revenue of $109.44 million during the quarter, compared to the consensus estimate of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. As a group, research analysts predict that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC bought a new stake in Porch Group during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd grew its stake in Porch Group by 956.3% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock worth $26,000 after acquiring an additional 1,377 shares in the last quarter. Larson Financial Group LLC grew its stake in Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after acquiring an additional 1,499 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in shares of Porch Group during the fourth quarter worth approximately $38,000. Finally, RiverPark Advisors LLC bought a new stake in shares of Porch Group during the third quarter valued at approximately $39,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on PRCH. Zacks Research upgraded shares of Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Keefe, Bruyette & Woods upgraded Porch Group from a "market perform" rating to an "outperform" rating and dropped their target price for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Stephens initiated coverage on Porch Group in a research note on Monday, May 4th. They set an "overweight" rating and a $12.00 target price on the stock. 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 research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.

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