Key Points
- Matt Ehrlichman, Porch Group's CEO, sold 71,167 shares on April 7 at an average of $7.19 for about $511,691 to cover tax withholding on vested equity, but still directly owns 17,430,350 shares (a 0.41% reduction).
- Porch Group last quarter beat EPS estimates (‑$0.03 vs. ‑$0.08) with $112.25M in revenue, yet remains unprofitable; the stock trades near $7 (down ~2.2%) and carries a consensus analyst target of $17.21 (average rating: Moderate Buy).
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 9,344 shares of the stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $7.19, for a total transaction of $67,183.36. Following the completion of the sale, the chief financial officer owned 424,087 shares of the company's stock, valued at approximately $3,049,185.53. This represents a 2.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Porch Group Stock Performance
Shares of PRCH stock opened at $7.02 on Friday. The firm has a 50-day moving average of $7.61 and a 200-day moving average of $10.26. The company has a market cap of $873.71 million, a P/E ratio of -140.40 and a beta of 3.09. The company has a debt-to-equity ratio of 17.20, a current ratio of 1.30 and a quick ratio of 1.30. Porch Group, Inc. has a one year low of $4.64 and a one year high of $19.44.
Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Wednesday, February 11th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.05. The company had revenue of $112.25 million during the quarter, compared to the consensus estimate of $109.13 million. Porch Group had a negative net margin of 0.72% and a negative return on equity of 51.86%. Equities research analysts forecast that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Weiss Ratings reiterated a "sell (d+)" rating on shares of Porch Group in a report on Monday, December 29th. Keefe, Bruyette & Woods upgraded shares of Porch Group from a "market perform" rating to an "outperform" rating and decreased their price objective for the stock from $13.00 to $10.50 in a report on Wednesday, February 11th. 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 restated a "buy" rating on shares of Porch Group in a report on Friday, January 16th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.21.
Check Out Our Latest Report on Porch Group
Hedge Funds Weigh In On Porch Group
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. Vanguard Group Inc. raised its stake in shares of Porch Group by 5.6% during the third quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company's stock worth $121,691,000 after acquiring an additional 384,451 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Porch Group by 95.1% during the third quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company's stock worth $15,508,000 after acquiring an additional 450,560 shares in the last quarter. G2 Investment Partners Management LLC raised its stake in shares of Porch Group by 28.4% during the second quarter. G2 Investment Partners Management LLC now owns 1,229,183 shares of the company's stock worth $14,492,000 after acquiring an additional 271,561 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Porch Group by 68.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company's stock worth $3,545,000 after acquiring an additional 158,368 shares in the last quarter. Finally, Algert Global LLC raised its stake in shares of Porch Group by 2,254.1% during the third quarter. Algert Global LLC now owns 759,664 shares of the company's stock worth $12,747,000 after acquiring an additional 727,394 shares in the last quarter. Institutional investors own 48.48% of the company's stock.
About Porch Group
(
Get Free Report)
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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