Key Points
- Porch Group CFO Shawn Tabak sold 3,944 shares on June 2 at an average price of $10.87, totaling about $42,871. The sale reduced his direct ownership by 1.46% and was tied to tax withholding from vesting equity awards.
- Tabak has been an active seller recently, with multiple prior transactions in late April and May, including a 30,000-share sale on May 26. Together, the filings show a steady pattern of insider selling.
- Porch Group recently beat quarterly expectations, reporting a smaller-than-expected loss of $0.04 per share on revenue of $109.44 million. Despite that, the stock was down 2.9% and closed near $9.65, while analysts’ consensus remained at a “Moderate Buy.”
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 3,944 shares of Porch Group stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $10.87, for a total value of $42,871.28. Following the completion of the transaction, the chief financial officer directly owned 265,495 shares of the company's stock, valued at $2,885,930.65. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 Tuesday, May 26th, Shawn Tabak sold 30,000 shares of Porch Group stock. The shares were sold at an average price of $10.08, for a total value of $302,400.00.
- On Wednesday, May 20th, Shawn Tabak sold 10,881 shares of Porch Group stock. The stock was sold at an average price of $9.78, for a total value of $106,416.18.
- On Friday, May 15th, Shawn Tabak sold 10,467 shares of Porch Group stock. The stock was 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 stock was 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 stock was 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.
Porch Group Trading Down 2.9%
Shares of PRCH stock opened at $9.65 on Friday. The firm has a market capitalization of $1.23 billion, a P/E ratio of -56.76 and a beta of 3.22. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock's fifty day simple moving average is $8.87 and its 200 day simple moving average is $8.67.
Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. As a group, sell-side analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in PRCH. JPMorgan Chase & Co. increased its position 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 buying an additional 450,560 shares during the period. Vanguard Group Inc. boosted its position in Porch Group by 5.6% during the third quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company's stock valued at $121,691,000 after acquiring an additional 384,451 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in Porch Group by 68.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company's stock valued at $3,545,000 after acquiring an additional 158,368 shares during the last quarter. Tudor Investment Corp ET AL grew its holdings in Porch Group by 1,897.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 255,511 shares of the company's stock worth $4,287,000 after acquiring an additional 242,722 shares during the period. Finally, Thompson Siegel & Walmsley LLC raised its position in shares of Porch Group by 360.9% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company's stock worth $5,886,000 after acquiring an additional 504,803 shares in the last quarter. Institutional investors own 48.48% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on PRCH shares. Keefe, Bruyette & Woods upgraded Porch Group from a "market perform" rating to an "outperform" rating and reduced their price objective for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Stephens started coverage on Porch Group in a research report on Monday, May 4th. They set an "overweight" rating and a $12.00 price objective on the stock. Benchmark boosted their price objective on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Porch Group in a research report on Friday, May 22nd. Finally, Zacks Research upgraded Porch Group from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Seven 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 MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.21.
Read Our Latest Report on Porch Group
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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