Key Points
- Porch Group CFO Shawn Tabak sold 25,000 shares on July 2 at an average price of $16.13, generating about $403,250. After the sale, he still held 240,495 shares, a 9.42% reduction in his position.
- The sale was made under a pre-arranged Rule 10b5-1 trading plan, and it follows a series of recent insider sales by Tabak over the prior weeks.
- Porch Group has shown mixed financial signals: the stock opened at $14.68, the company recently beat quarterly EPS and revenue estimates, and analysts currently rate it a “Moderate Buy” with a consensus price target of $17.58.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $16.13, for a total transaction of $403,250.00. Following the completion of the transaction, the chief financial officer directly owned 240,495 shares of the company's stock, valued at approximately $3,879,184.35. This represents a 9.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Shawn Tabak also recently made the following trade(s):
- On Tuesday, June 2nd, Shawn Tabak sold 3,944 shares of Porch Group stock. The shares were sold at an average price of $10.87, for a total transaction of $42,871.28.
- 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 transaction of $302,400.00.
- On Wednesday, May 20th, Shawn Tabak sold 10,881 shares of Porch Group stock. The shares were 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 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 shares were 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.
Porch Group Price Performance
Shares of NASDAQ PRCH opened at $14.68 on Wednesday. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The business's 50 day moving average price is $11.21 and its 200 day moving average price is $9.15. 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 firm has a market cap of $1.87 billion, a P/E ratio of -86.35 and a beta of 3.13.
Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly 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 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 analyst estimates of $94.72 million. On average, sell-side analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.
Institutional Trading of Porch Group
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Granahan Investment Management LLC raised its position in shares of Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after acquiring an additional 1,084,559 shares during the period. Vanguard Group Inc. lifted its holdings in Porch Group by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company's stock valued at $66,779,000 after purchasing an additional 62,073 shares in the last quarter. Park West Asset Management LLC lifted its stake in Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock valued at $46,106,000 after buying an additional 2,867,084 shares in the last quarter. GC Wealth Management RIA LLC purchased a new position in Porch Group in the 1st quarter valued at about $29,230,000. Finally, Invesco Ltd. boosted its holdings in Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock worth $63,681,000 after buying an additional 3,103,018 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.
Analysts Set New Price Targets
PRCH has been the subject of several recent research reports. Stephens assumed coverage on shares of Porch Group in a report on Monday, May 4th. They set an "overweight" rating and a $12.00 target price for the company. Benchmark upped their price target on shares of Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Porch Group in a research report on Friday, May 22nd. Seven equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Porch Group presently has an average rating of "Moderate Buy" and a consensus price target of $17.58.
Read Our Latest Stock Analysis 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.
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