Matthew Neagle Sells 8,446 Shares of Porch Group (NASDAQ:PRCH) Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 8,446 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $6.98, for a total transaction of $58,953.08. Following the completion of the sale, the chief operating officer directly owned 2,626,286 shares in the company, valued at $18,331,476.28. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Porch Group Stock Performance

Shares of PRCH opened at $7.51 on Friday. The stock’s fifty day simple moving average is $7.67 and its 200 day simple moving average is $10.52. The firm has a market capitalization of $934.69 million, a P/E ratio of -150.20 and a beta of 3.09. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 17.20. Porch Group, Inc. has a twelve month low of $4.64 and a twelve month high of $19.44.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Wednesday, February 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.05. The business had revenue of $112.25 million during the quarter, compared to analysts’ expectations of $109.13 million. Porch Group had a negative return on equity of 51.86% and a negative net margin of 0.72%. On average, equities research analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Institutional Trading of Porch Group

A number of hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in Porch Group by 448.4% in the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after purchasing an additional 3,103,018 shares in the last quarter. Park West Asset Management LLC increased its stake in Porch Group by 131.3% during the fourth quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after acquiring an additional 2,867,084 shares during the period. Divisadero Street Capital Management LP bought a new stake in Porch Group in the second quarter valued at about $28,810,000. Granahan Investment Management LLC raised its holdings in shares of Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after buying an additional 1,953,736 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Porch Group by 55.2% in the 2nd quarter. Marshall Wace LLP now owns 3,341,484 shares of the company’s stock valued at $39,396,000 after purchasing an additional 1,188,273 shares in the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Benchmark reiterated a “buy” rating on shares of Porch Group in a research note on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Porch Group in a research report on Monday, December 29th. Keefe, Bruyette & Woods upgraded Porch Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Finally, Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.21.

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.