Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 40,625 Shares of Company Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 40,625 shares of the firm’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $17.56, for a total transaction of $713,375.00. Following the transaction, the chief operating officer directly owned 1,824,256 shares in the company, valued at approximately $32,033,935.36. The trade was a 2.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matthew Neagle also recently made the following trade(s):

• On Tuesday, October 6th, Matthew Neagle sold 27,881 shares of Porch Group stock. The stock was sold at an average price of $17.35, for a total transaction of $483,735.35.
• On Monday, October 5th, Matthew Neagle sold 7,318 shares of Porch Group stock. The shares were sold at an average price of $16.83, for a total transaction of $123,161.94.
• On Thursday, October 1st, Matthew Neagle sold 40,625 shares of Porch Group stock. The shares were sold at an average price of $16.69, for a total transaction of $678,031.25.
• On Monday, September 14th, Matthew Neagle sold 50,000 shares of Porch Group stock. The stock was sold at an average price of $16.46, for a total value of $823,000.00.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $18.18 on Wednesday. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -151.50 and a beta of 3.18. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $18.41. The stock’s 50 day moving average price is $17.01 and its 200 day moving average price is $13.32.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. The firm had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Equities research analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of PRCH. BlackRock Inc. acquired a new position in shares of Porch Group in the 2nd quarter valued at $128,995,000. GC Wealth Management RIA LLC acquired a new position in shares of Porch Group in the first quarter worth about $29,230,000. Park West Asset Management LLC purchased a new position in shares of Porch Group in the second quarter worth approximately $53,194,000. Jupiter Topco LLC purchased a new position in shares of Porch Group in the second quarter worth approximately $21,979,000. Finally, Granahan Investment Management LLC increased 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 in the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. B. Riley Financial lifted 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. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Finally, Zacks Research upgraded shares of Porch Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.64.

About Porch Group

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.