Porch Group (NASDAQ:PRCH) CEO Sells 251,740 Shares of Company Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 251,740 shares of the stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $21.58, for a total value of $5,432,549.20. Following the sale, the chief executive officer owned 15,640,005 shares of the company’s stock, valued at approximately $337,511,307.90. This represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matt Ehrlichman also recently made the following trade(s):

• On Friday, November 6th, Matt Ehrlichman sold 19,452 shares of Porch Group stock. The shares were sold at an average price of $20.17, for a total value of $392,346.84.
• On Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The stock was sold at an average price of $20.40, for a total value of $3,973,165.20.
• On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The shares were sold at an average price of $21.51, for a total value of $215,100.00.
• On Tuesday, October 6th, Matt Ehrlichman sold 26,135 shares of Porch Group stock. The shares were sold at an average price of $17.35, for a total transaction of $453,442.25.
• On Monday, October 5th, Matt Ehrlichman sold 14,946 shares of Porch Group stock. The shares were sold at an average price of $16.84, for a total transaction of $251,690.64.

Porch Group Stock Down 2.9%

Shares of PRCH stock traded down $0.58 on Friday, hitting $19.73. The company’s stock had a trading volume of 1,253,184 shares, compared to its average volume of 1,758,051. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 246.62 and a beta of 3.16. Porch Group, Inc. has a fifty-two week low of $6.36 and a fifty-two week high of $21.96. The firm’s fifty day moving average price is $17.53 and its 200-day moving average price is $12.26. The company has a debt-to-equity ratio of 13.21, a current ratio of 1.46 and a quick ratio of 1.46.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Wednesday, October 28th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. The firm had revenue of $143.86 million for the quarter, compared to the consensus estimate of $134.65 million. Research analysts anticipate that Porch Group, Inc. will post -0.01 EPS for the current year.

Hedge Funds Weigh In On Porch Group

Several large investors have recently made changes to their positions in PRCH. Wellington Management Group LLP grew its holdings in Porch Group by 5.7% in the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock valued at $19,508,000 after buying an additional 70,139 shares during the last quarter. Bank of America Corp DE bought a new position in Porch Group in the 2nd quarter worth approximately $1,920,000. Legal & General Group Plc bought a new position in Porch Group in the 2nd quarter worth approximately $904,000. Dimensional Fund Advisors LP lifted its holdings in shares of Porch Group by 42.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after buying an additional 455,817 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Porch Group during the second quarter worth approximately $757,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Wall Street Analyst Weigh In

PRCH has been the topic of a number of analyst reports. Cantor Fitzgerald increased their price objective on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. B. Riley Financial boosted their target price on Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, October 14th. Wall Street Zen raised Porch Group from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Zacks Research upgraded Porch Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Finally, Craig Hallum set a $25.00 price target on shares of Porch Group in a research report on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $20.79.

Key Stories Impacting Porch Group

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: A bullish investment commentary says Porch’s homeowner relationships and property data could support growth in insurance-related fee income. It points to the planned Allied Trust acquisition as a potential source of additional customers and distribution relationships. Porch Group: Home Insurance Growth Story
• Negative Sentiment: CEO Matt Ehrlichman sold 465,955 shares in transactions from November 4–6, while COO Matthew Neagle sold 56,250 shares and Director Alan Pickerill sold 10,000 shares. Repeated sales by senior leaders may weigh on investor sentiment. The CEO’s and COO’s trades were made under pre-arranged Rule 10b5-1 plans, and Ehrlichman still owns more than 15.4 million shares, which may temper the signal. CEO SEC filing COO sale report Director sale report

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.