Key Points
- Porch Group COO Matthew Neagle sold 60,240 shares on May 8 at an average price of $11.12, totaling about $669,869. The sale was disclosed in an SEC filing and was made to cover tax withholding tied to vested equity awards.
- Neagle has been a frequent seller recently, with multiple additional sales in April and early May, reflecting a steady reduction in his holdings even though he still owns more than 2.17 million shares.
- Porch Group recently beat earnings expectations, reporting a smaller-than-expected quarterly loss and revenue above forecasts. The stock opened at $10.33 and analysts currently rate it a “Moderate Buy” with an average price target of $16.69.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 10,511 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $11.12, for a total transaction of $116,882.32. Following the transaction, the chief financial officer directly owned 331,894 shares of the company's stock, valued at $3,690,661.28. This trade represents a 3.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 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.
- 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 transaction of $55,298.10.
- On Tuesday, April 7th, Shawn Tabak sold 9,344 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total transaction of $67,183.36.
Porch Group Price Performance
NASDAQ:PRCH opened at $10.33 on Wednesday. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -60.76 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 business has a 50 day simple moving average of $8.05 and a 200-day simple moving average of $9.08. 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 released its earnings results 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. The firm had revenue of $109.44 million for 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%. Equities analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current year.
Hedge Funds Weigh In On Porch Group
Institutional investors have recently bought and sold shares of the business. Osbon Capital Management LLC purchased a new position in Porch Group during the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd grew its holdings in Porch Group by 956.3% in the third quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock worth $26,000 after purchasing an additional 1,377 shares during the last quarter. Larson Financial Group LLC grew its holdings in Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after purchasing an additional 1,499 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new position in Porch Group in the fourth quarter worth $38,000. Finally, RiverPark Advisors LLC purchased a new position in Porch Group in the third quarter worth $39,000. 48.48% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
PRCH has been the topic of several analyst reports. Keefe, Bruyette & Woods raised Porch Group from a "market perform" rating to an "outperform" rating and cut their target price for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Stephens started coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 price objective for the company. Benchmark raised their price objective 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. Finally, Zacks Research raised shares of Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Eight 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.69.
Check Out Our Latest Stock Report on Porch Group
Porch Group Company Profile
(
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.
See Also
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