Insider Selling: Porch Group (NASDAQ:PRCH) CFO Sells $116,071.50 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CFO Shawn Tabak sold 6,690 shares of the business’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $116,071.50. Following the sale, the chief financial officer directly owned 206,059 shares of the company’s stock, valued at $3,575,123.65. This represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 Monday, October 5th, Shawn Tabak sold 2,746 shares of Porch Group stock. The shares were sold at an average price of $16.83, for a total value of $46,215.18.
• On Wednesday, August 5th, Shawn Tabak sold 25,000 shares of Porch Group stock. The shares were sold at an average price of $16.21, for a total value of $405,250.00.

Porch Group Stock Up 0.8%

Porch Group stock traded up $0.14 during trading on Wednesday, hitting $17.31. 2,030,450 shares of the company were exchanged, compared to its average volume of 1,714,197. The business’s 50 day moving average is $16.56 and its 200 day moving average is $12.60. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $18.37. The company has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The business had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Analysts predict that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Institutional Trading of Porch Group

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new position in Porch Group in the second quarter valued at about $138,000. NewEdge Advisors LLC purchased a new stake in shares of Porch Group during the 2nd quarter worth approximately $198,000. Corient Private Wealth LP increased its stake in shares of Porch Group by 550.4% during the 2nd quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock worth $1,070,000 after purchasing an additional 60,212 shares during the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Porch Group by 10.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company’s stock worth $1,755,000 after purchasing an additional 10,812 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in shares of Porch Group by 2.8% in the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock worth $587,000 after purchasing an additional 1,065 shares during the period. Institutional investors own 48.48% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PRCH. Cantor Fitzgerald raised their price target on shares of Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, September 25th. Benchmark increased their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Texas Capital upgraded Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd. Finally, B. Riley Financial upped their target price on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.75.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.