Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $1,197,423.70 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 115,805 shares of Porch Group stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.34, for a total transaction of $1,197,423.70. Following the sale, the chief executive officer owned 16,092,448 shares of the company’s stock, valued at approximately $166,395,912.32. This represents a 0.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 Wednesday, May 20th, Matt Ehrlichman sold 120,368 shares of Porch Group stock. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04.
• 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 shares were sold at an average price of $11.12, for a total value of $1,293,289.36.
• On Tuesday, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The stock was sold at an average price of $10.43, for a total value of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The stock was sold at an average price of $9.79, for a total value 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 value 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 value of $948,618.24.
• On Tuesday, April 21st, Matt Ehrlichman sold 121,242 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total value of $984,485.04.
• On Friday, April 17th, Matt Ehrlichman sold 113,862 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total value of $896,093.94.
• On Tuesday, April 14th, Matt Ehrlichman sold 145,882 shares of Porch Group stock. The stock was sold at an average price of $6.84, for a total value of $997,832.88.

Porch Group Stock Performance

Shares of PRCH stock opened at $9.74 on Friday. The stock has a market cap of $1.24 billion, a PE ratio of -57.29 and a beta of 3.24. The stock has a 50-day moving average of $8.33 and a 200-day moving average of $8.79. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. 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 data on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.06. The business 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%. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Porch Group

A number of large investors have recently added to or reduced their stakes in PRCH. JPMorgan Chase & Co. grew its holdings in shares of Porch Group by 95.1% during the third quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company’s stock worth $15,508,000 after buying an additional 450,560 shares in the last quarter. Vanguard Group Inc. lifted its stake in Porch Group by 5.6% in the 3rd quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company’s stock valued at $121,691,000 after acquiring an additional 384,451 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Porch Group by 68.9% in the 4th quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company’s stock valued at $3,545,000 after acquiring an additional 158,368 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in Porch Group by 1,897.9% during the 3rd 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 during the last quarter. Finally, Algert Global LLC boosted its position in Porch Group by 2,254.1% during the 3rd 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 during the last quarter. Institutional investors own 48.48% of the company’s stock.

Trending Headlines about Porch Group

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

• Positive Sentiment: Porch Group said Homeowners of America launched homeowners insurance in Michigan, expanding its insurance footprint to a 22nd state and supporting its strategy to grow premium volume and cash flow over time. Porch Group Launches Insurance in Michigan
• Positive Sentiment: Recent quarterly results were stronger than expected, with Porch Group posting a smaller-than-expected loss and revenue well above analyst estimates, which may continue to support sentiment.
• Neutral Sentiment: Several institutions increased their holdings in the latest quarter, suggesting some professional investors remain constructive on the stock’s longer-term outlook.
• Negative Sentiment: CEO Matt Ehrlichman, COO Matthew Neagle, and CFO Shawn Tabak all sold shares this week, adding to a recent pattern of insider sales. The company said these transactions were tied to tax withholding from equity vesting, which reduces concern, but the volume of sales may still weigh on investor sentiment. Matt Ehrlichman insider sale

Porch Group Company Profile

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.