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Porch group CFO Shawn Tabak sells shares worth $64,018

Published 10/12/2024, 21:48
PRCH
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SEATTLE—Shawn Tabak, Chief Financial Officer of Porch Group, Inc. (NASDAQ:PRCH), recently sold 12,500 shares of the company's common stock in a transaction valued at approximately $64,018. The shares were sold at a weighted average price of $5.1215 per share, with the transaction occurring on December 6, 2024. According to InvestingPro data, this transaction comes as the stock has shown remarkable strength, delivering a 179.89% return over the past six months.

This sale was conducted under a Rule 10b5-1 trading plan that Tabak entered into on December 15, 2023. The plan, which allows insiders to set up a predetermined schedule for selling company stock, is set to terminate on April 1, 2025, and covers the sale of up to 247,500 shares. InvestingPro analysis reveals the stock has been notably volatile, trading between $1.05 and $5.70 over the past 52 weeks, with multiple ProTips available for deeper insight into the company's performance.

Following this transaction, Tabak retains ownership of 309,613 shares of Porch Group's common stock. The shares sold were part of multiple transactions, with prices ranging from $5.015 to $5.285 per share. With a current market capitalization of $517.8 million, Porch Group continues to draw investor attention. Get comprehensive insights and Fair Value analysis with a InvestingPro subscription.

In other recent news, Porch Group has been a focal point of multiple analyst adjustments. Craig-Hallum raised its price target on Porch Group to $8.00, maintaining a Buy rating, citing the company's strategic transformation of its insurance business into a reciprocal structure. This change is expected to drive a 20% long-term growth rate and double the company's EBITDA within the next two years.

Meanwhile, Loop Capital increased Porch Group's price target to $4.00, holding a steady rating, following the company's Q3 financial results. Similarly, Keefe, Bruyette & Woods (KBW) raised the stock's price target to $3.50, keeping a Market Perform rating, and Stephens increased the price target from $4.00 to $5.00, maintaining an Overweight rating.

Porch Group recently announced optimistic financial targets, including a forecast of $50 million in adjusted EBITDA for 2025 and an ambitious $100 million for 2026. The company plans to grow its Insurance Services segment to over $600 million in gross written premium by 2026.

In addition to these financial targets, Porch Group is set to reveal its strategic plans and growth opportunities at its Investor Day event in December. The company is expected to discuss the operations of its new Insurance Services segment and its anticipated impact on profit margins. These recent developments highlight Porch Group's proactive approach to growth and its potential for future success.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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