Insider Selling: Porch Group (NASDAQ:PRCH) COO Sells $123,161.94 in Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 7,318 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $16.83, for a total value of $123,161.94. Following the completion of the transaction, the chief operating officer directly owned 1,892,762 shares in the company, valued at approximately $31,855,184.46. This represents a 0.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, October 6th, Matthew Neagle sold 27,881 shares of Porch Group stock. The shares were sold at an average price of $17.35, for a total transaction of $483,735.35.
• 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 shares were sold at an average price of $16.46, for a total transaction of $823,000.00.

Porch Group Price Performance

Shares of PRCH stock traded up $0.14 during mid-day trading on Wednesday, hitting $17.31. The company had a trading volume of 2,030,450 shares, compared to its average volume of 1,714,197. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The stock’s 50 day moving average price is $16.56 and its 200-day moving average price is $12.60. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $18.37. The company has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Equities research analysts forecast that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Texas Capital raised Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd. Cantor Fitzgerald raised their price target on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Benchmark lifted their price objective on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Finally, B. Riley Financial increased their target price on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of Porch Group by 5.7% in the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock worth $19,508,000 after acquiring an additional 70,139 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Porch Group during the second quarter valued at approximately $1,920,000. Dimensional Fund Advisors LP raised its holdings in shares of Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after buying an additional 455,817 shares during the period. Legal & General Group Plc purchased a new stake in shares of Porch Group in the second quarter worth approximately $904,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Porch Group in the first quarter worth $1,015,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Company Profile

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.