Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 19,452 Shares of Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 19,452 shares of Porch Group stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $20.17, for a total transaction of $392,346.84. Following the transaction, the chief executive officer directly owned 15,425,790 shares in the company, valued at $311,138,184.30. The trade was a 0.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matt Ehrlichman also recently made the following trade(s):

• On Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The shares were 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 stock was sold at an average price of $21.58, for a total transaction of $5,432,549.20.
• On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The shares were sold at an average price of $21.51, for a total transaction of $215,100.00.
• 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 stock was sold at an average price of $16.84, for a total value of $251,690.64.

Porch Group Trading Down 2.9%

NASDAQ:PRCH opened at $19.73 on Friday. The company’s 50 day moving average price is $17.57 and its 200-day moving average price is $12.32. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 246.62 and a beta of 3.16. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 13.21. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $21.96.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. The company had revenue of $143.86 million for the quarter, compared to the consensus estimate of $134.65 million. On average, equities research analysts forecast that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Key Headlines Impacting Porch Group

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

Analysts Set New Price Targets

Several research analysts have commented on PRCH shares. Cantor Fitzgerald raised their target price on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Zacks Research raised Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Weiss Ratings raised Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. B. Riley Financial increased their price objective on shares of Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, Wall Street Zen upgraded Porch Group from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Porch Group presently has an average rating of “Buy” and an average price target of $20.79.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Porch Group in the second quarter valued at about $128,995,000. Granahan Investment Management LLC increased its position in shares of Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after buying an additional 1,084,559 shares during the period. Park West Asset Management LLC purchased a new stake in shares of Porch Group during the 2nd quarter valued at $53,194,000. GC Wealth Management RIA LLC bought a new position in Porch Group during the 1st quarter worth approximately $29,230,000. Finally, Jupiter Topco LLC bought a new position in shares of Porch Group during the second quarter valued at approximately $21,979,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.