In a recent transaction, Shawn Tabak, the Chief Financial Officer of Porch Group, Inc. (NASDAQ:PRCH), sold 19,040 shares of the company's common stock. The sale was conducted at a weighted average price of $4.0418 per share, resulting in a total value of $76,955.
The shares were sold on March 26, 2024, and the transactions occurred within a price range of $4.00 to $4.13 per share. Following this sale, Tabak's direct ownership in the company stands at 292,311 shares of common stock.
It's noted that the sale was executed in accordance with a prearranged Rule 10b5-1 trading plan. This plan was established by Tabak on December 15, 2023, and is set to end on April 1, 2025. The plan allows for the sale of up to 247,500 shares of Porch Group's common stock. Trading under this plan did not begin until at least 90 days after the plan was adopted, ensuring compliance with insider trading regulations.
Investors and stakeholders interested in the specifics of the transactions, including the number of shares sold at each price within the stated range, can request detailed information from the reporting person.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission on March 28, 2024, reflecting the activities as of March 26, 2024.
InvestingPro Insights
As Porch Group, Inc. (NASDAQ:PRCH) continues to navigate the market, recent data from InvestingPro provides key insights into the company's financial health and stock performance. With a market capitalization of $420.64 million and a significant revenue growth of 55.94% over the last twelve months as of Q4 2023, Porch Group demonstrates a robust expansion in its operations.
Despite the lack of profitability indicated by a negative P/E ratio of -2.64 for the same period, the company's stock has experienced remarkable returns. A 212.88% return over the past year and a 34.97% return in the last month alone highlight the stock’s volatility and potential for high short-term gains, as reflected in the InvestingPro Tips. These swift movements could be a point of interest for investors looking for growth opportunities, although the associated risks must be taken into account.
Moreover, with the stock trading near its 52-week high at 96.05% of that peak, there is a clear investor confidence in the company's future prospects. The current price, as of the last close, stands at $4.13, closely aligning with the fair value estimates from analysts and InvestingPro, which are $4.25 and $4.72 respectively.
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