Porch Group (NASDAQ:PRCH) CFO Sells $108,228.78 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CFO Shawn Tabak sold 10,467 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $10.34, for a total transaction of $108,228.78. Following the completion of the sale, the chief financial officer directly owned 310,320 shares in the company, valued at approximately $3,208,708.80. This represents a 3.26% decrease in their ownership of the stock. The sale 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 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 transaction of $106,416.18.
• 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 transaction 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 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 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 shares were 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 shares were 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 shares were 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.

Porch Group Stock Performance

Shares of Porch Group stock opened at $9.74 on Friday. The company has a fifty day simple moving average of $8.33 and a 200-day simple moving average of $8.79. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -57.29 and a beta of 3.24.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) 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 business had revenue of $109.44 million during the quarter, compared to analysts’ expectations of $94.72 million. On average, equities analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Key Headlines Impacting Porch Group

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: Porch Group said Homeowners of America launched homeowners insurance in Michigan, expanding its insurance footprint to a 22nd state and supporting its strategy to grow premium volume and cash flow over time. Porch Group Launches Insurance in Michigan
• Positive Sentiment: Recent quarterly results were stronger than expected, with Porch Group posting a smaller-than-expected loss and revenue well above analyst estimates, which may continue to support sentiment.
• Neutral Sentiment: Several institutions increased their holdings in the latest quarter, suggesting some professional investors remain constructive on the stock’s longer-term outlook.
• Negative Sentiment: CEO Matt Ehrlichman, COO Matthew Neagle, and CFO Shawn Tabak all sold shares this week, adding to a recent pattern of insider sales. The company said these transactions were tied to tax withholding from equity vesting, which reduces concern, but the volume of sales may still weigh on investor sentiment. Matt Ehrlichman insider sale

Institutional Trading of Porch Group

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its stake in Porch Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock worth $350,000 after purchasing an additional 1,090 shares during the period. Alliancebernstein L.P. boosted its stake in Porch Group by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock worth $1,349,000 after purchasing an additional 1,200 shares during the period. Prudential Financial Inc. boosted its stake in Porch Group by 9.4% during the 2nd quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock worth $168,000 after purchasing an additional 1,220 shares during the period. Aster Capital Management DIFC Ltd grew its position 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 valued at $26,000 after buying an additional 1,377 shares during the last quarter. Finally, Larson Financial Group LLC increased 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 valued at $31,000 after buying an additional 1,499 shares during the period. Institutional investors and hedge funds 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.