Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $1,177,199.04 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 120,368 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the completion of the transaction, the chief executive officer directly owned 15,972,080 shares in the company, valued at $156,206,942.40. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Friday, May 15th, Matt Ehrlichman sold 115,805 shares of Porch Group stock. The stock was sold at an average price of $10.34, for a total transaction of $1,197,423.70.
• On Tuesday, May 12th, Matt Ehrlichman sold 122,881 shares of Porch Group stock. The stock was sold at an average price of $10.52, for a total transaction of $1,292,708.12.
• On Friday, May 8th, Matt Ehrlichman sold 116,303 shares of Porch Group stock. The stock was sold at an average price of $11.12, for a total transaction of $1,293,289.36.
• On Tuesday, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total transaction of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The shares were sold at an average price of $9.79, for a total transaction of $1,214,831.31.
• On Tuesday, April 28th, Matt Ehrlichman sold 115,642 shares of Porch Group stock. The shares were sold at an average price of $8.11, for a total transaction of $937,856.62.
• On Friday, April 24th, Matt Ehrlichman sold 123,518 shares of Porch Group stock. The shares were sold at an average price of $7.68, for a total transaction of $948,618.24.
• On Tuesday, April 21st, Matt Ehrlichman sold 121,242 shares of Porch Group stock. The shares were sold at an average price of $8.12, for a total transaction of $984,485.04.
• On Friday, April 17th, Matt Ehrlichman sold 113,862 shares of Porch Group stock. The shares were sold at an average price of $7.87, for a total transaction of $896,093.94.
• On Tuesday, April 14th, Matt Ehrlichman sold 145,882 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total transaction of $997,832.88.

Porch Group Stock Down 1.8%

PRCH stock opened at $9.56 on Friday. The firm has a market cap of $1.22 billion, a PE ratio of -56.23 and a beta of 3.24. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28. The firm’s 50 day moving average price is $8.37 and its 200-day moving average price is $8.79. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. On average, equities research analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on PRCH shares. Stephens started coverage on shares of Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price target on the stock. Benchmark lifted their price target on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Finally, Keefe, Bruyette & Woods upgraded Porch Group from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Porch Group currently has a consensus rating of “Moderate Buy” and an average target price of $17.21.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently added to or reduced their stakes in PRCH. JPMorgan Chase & Co. grew its stake in shares of Porch Group by 95.1% in the third quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company’s stock worth $15,508,000 after acquiring an additional 450,560 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Porch Group by 5.6% in the third quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company’s stock worth $121,691,000 after acquiring an additional 384,451 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Porch Group by 68.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company’s stock worth $3,545,000 after acquiring an additional 158,368 shares in the last quarter. Tudor Investment Corp ET AL grew its stake in shares of Porch Group by 1,897.9% in the third 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 in the last quarter. Finally, Algert Global LLC grew its stake in shares of Porch Group by 2,254.1% in the third quarter. Algert Global LLC now owns 759,664 shares of the company’s stock worth $12,747,000 after acquiring an additional 727,394 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

About Porch Group

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.