Porch Group (NASDAQ:PRCH) Stock: Insider Matt Ehrlichman Sells 10,000 Shares

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $21.51, for a total value of $215,100.00. Following the transaction, the chief executive officer owned 15,891,745 shares in the company, valued at approximately $341,831,434.95. This trade represents a 0.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 stock was sold at an average price of $20.17, for a total transaction 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 transaction of $3,973,165.20.
• On Wednesday, November 4th, Matt Ehrlichman sold 251,740 shares of Porch Group stock. The shares were sold at an average price of $21.58, for a total value of $5,432,549.20.
• On Tuesday, October 6th, Matt Ehrlichman sold 26,135 shares of Porch Group stock. The stock was sold at an average price of $17.35, for a total value 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 value of $251,690.64.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $19.73 on Friday. Porch Group, Inc. has a fifty-two week low of $6.36 and a fifty-two week high of $21.96. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 13.21. The company has a market cap of $2.60 billion, a PE ratio of 246.62 and a beta of 3.16. The firm has a 50-day simple moving average of $17.57 and a 200 day simple moving average of $12.32.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. The business had revenue of $143.86 million during the quarter, compared to analyst estimates of $134.65 million. On average, sell-side analysts anticipate that Porch Group, Inc. will post -0.01 EPS for the current year.

Institutional Trading of Porch Group

Institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Porch Group by 5.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock worth $19,508,000 after purchasing an additional 70,139 shares in the last quarter. Bank of America Corp DE purchased a new position in Porch Group in the second quarter worth approximately $1,920,000. Legal & General Group Plc acquired a new stake in shares of Porch Group during the second quarter worth about $904,000. The Manufacturers Life Insurance Company acquired a new stake in Porch Group during the second quarter worth approximately $757,000. Finally, Dimensional Fund Advisors LP increased its holdings in Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after buying an additional 455,817 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors.

Porch Group News Summary

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on PRCH. Craig Hallum set a $25.00 price target on shares of Porch Group in a research note on Thursday, October 29th. Weiss Ratings raised Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 21st. Zacks Research upgraded Porch Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. B. Riley Financial lifted their price objective on Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, Cantor Fitzgerald increased their target price on shares of Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Porch Group presently has an average rating of “Buy” and a consensus target price of $20.79.

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.