Key Points
- Porch Group CEO Matt Ehrlichman sold 120,368 shares on May 20 at an average price of $9.78, for total proceeds of about $1.18 million. The filing says the sale was made to cover tax withholding obligations tied to vesting equity awards.
- The CEO has been selling shares repeatedly this month, with multiple earlier sales in May and April totaling millions of dollars, though he still owns more than 15.9 million shares valued at roughly $156.2 million after the latest transaction.
- Porch Group recently topped earnings expectations, reporting a smaller-than-expected loss and revenue above estimates, while analysts currently rate the stock a “Moderate Buy” with an average price target of $17.21.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 10,881 shares of Porch Group stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value of $106,416.18. Following the completion of the transaction, the chief financial officer owned 299,439 shares in the company, valued at $2,928,513.42. The trade was a 3.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 Friday, May 15th, Shawn Tabak sold 10,467 shares of Porch Group stock. The shares were sold at an average price of $10.34, for a total value of $108,228.78.
- 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 value 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 value 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 value 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 value 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 value 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 value 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 value 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 value 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 value of $121,047.48.
Porch Group Stock Performance
Shares of PRCH opened at $9.74 on Friday. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $19.44. The stock has a market cap of $1.24 billion, a PE ratio of -57.29 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 stock's 50-day moving average is $8.33 and its two-hundred day moving average is $8.79.
Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The business had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Equities analysts forecast that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Porch Group
Several institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its holdings in shares of Porch Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company's stock valued at $350,000 after purchasing an additional 1,090 shares during the last quarter. Alliancebernstein L.P. lifted its position in shares of Porch Group by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 80,410 shares of the company's stock valued at $1,349,000 after acquiring an additional 1,200 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Porch Group by 9.4% during the 2nd quarter. Prudential Financial Inc. now owns 14,220 shares of the company's stock valued at $168,000 after acquiring an additional 1,220 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in shares of Porch Group by 956.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock valued at $26,000 after acquiring an additional 1,377 shares during the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Porch Group by 444.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after acquiring an additional 1,499 shares during the last quarter. 48.48% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of analysts have recently issued reports on PRCH shares. Stephens started coverage on Porch Group in a research report on Monday, May 4th. They set an "overweight" rating and a $12.00 target price on the stock. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Keefe, Bruyette & Woods raised Porch Group from a "market perform" rating to an "outperform" rating and lowered their price objective for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Finally, Benchmark boosted their price objective on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $17.21.
Check Out Our Latest Stock 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.
Further Reading
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