Key Points
- Porch Group CEO Matt Ehrlichman sold 115,805 shares on May 15 at an average price of $10.34, totaling about $1.2 million. The sale reduced his ownership by 0.71% and was made to cover tax withholding obligations tied to vesting equity awards.
- The CEO has been actively selling shares in recent weeks, with multiple similar transactions reported throughout April and May. These sales occurred at prices ranging roughly from $6.84 to $11.12 per share.
- Porch Group recently beat quarterly expectations, reporting a smaller-than-expected loss of $0.04 per share and revenue of $109.44 million. Despite the earnings beat, the stock was down about 2% and analysts currently rate it a “Moderate Buy” with a consensus price target of $17.21.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 10,467 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $10.34, for a total transaction of $108,228.78. Following the transaction, the chief financial officer owned 310,320 shares of the company's stock, valued at approximately $3,208,708.80. The trade was a 3.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 12th, Shawn Tabak sold 11,107 shares of Porch Group stock. The stock was 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 stock was 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 stock was 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 stock was 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 transaction 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 transaction 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 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.
Porch Group Stock Performance
NASDAQ PRCH opened at $9.77 on Wednesday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The company has a market capitalization of $1.25 billion, a PE ratio of -57.47 and a beta of 3.24. The company has a fifty day moving average of $8.25 and a two-hundred day moving average of $8.87.
Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data 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 company had revenue of $109.44 million during the quarter, compared to the consensus estimate of $94.72 million. As a group, analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.
Institutional Investors Weigh In On Porch Group
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE raised its holdings in shares of Porch Group by 34.8% in the first quarter. Bank of America Corp DE now owns 364,015 shares of the company's stock valued at $2,610,000 after buying an additional 94,033 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Porch Group by 3,773.5% in the first quarter. EverSource Wealth Advisors LLC now owns 15,339 shares of the company's stock valued at $110,000 after buying an additional 14,943 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Porch Group by 41.4% in the first quarter. California State Teachers Retirement System now owns 90,632 shares of the company's stock valued at $650,000 after buying an additional 26,528 shares during the last quarter. Ashford Capital Management Inc. raised its holdings in shares of Porch Group by 72.0% in the first quarter. Ashford Capital Management Inc. now owns 696,180 shares of the company's stock valued at $4,992,000 after buying an additional 291,510 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of Porch Group by 195.9% in the first quarter. Quantinno Capital Management LP now owns 73,939 shares of the company's stock valued at $530,000 after buying an additional 48,949 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have issued reports on the stock. Benchmark upped their price objective on shares of Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Stephens assumed 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. Zacks Research upgraded shares of Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Finally, Keefe, Bruyette & Woods upgraded shares of Porch Group from a "market perform" rating to an "outperform" rating and decreased their price objective for the company from $13.00 to $10.50 in a research note on Wednesday, February 11th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Porch Group has a consensus rating of "Moderate Buy" and a consensus target price of $17.21.
View Our Latest Report on PRCH
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.
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