Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells 116,303 Shares of Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 116,303 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $11.12, for a total value of $1,293,289.36. Following the sale, the chief executive officer owned 16,331,134 shares of the company’s stock, valued at approximately $181,602,210.08. The trade was a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Tuesday, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The shares were 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 shares were 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 stock was 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 transaction of $896,093.94.
• On Tuesday, April 14th, Matt Ehrlichman sold 145,882 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total transaction of $997,832.88.
• On Thursday, April 9th, Matt Ehrlichman sold 121,293 shares of Porch Group stock. The shares were sold at an average price of $7.15, for a total value of $867,244.95.
• On Tuesday, April 7th, Matt Ehrlichman sold 71,167 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total value of $511,690.73.
• On Thursday, April 2nd, Matt Ehrlichman sold 6,988 shares of Porch Group stock. The stock was sold at an average price of $6.98, for a total value of $48,776.24.

Porch Group Stock Down 1.9%

Shares of PRCH stock traded down $0.20 on Tuesday, hitting $10.33. The stock had a trading volume of 1,447,839 shares, compared to its average volume of 1,735,514. The stock’s 50 day moving average is $8.01 and its 200-day moving average is $9.11. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -60.76 and a beta of 3.24. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $19.44. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The company had revenue of $109.44 million during the quarter, compared to the consensus estimate of $94.72 million. As a group, research analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Institutional Trading of Porch Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Granahan Investment Management LLC lifted its holdings in Porch Group by 20.3% during 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 during the last quarter. Vanguard Group Inc. increased its holdings in shares of Porch Group by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock valued at $66,779,000 after acquiring an additional 62,073 shares during the last quarter. Park West Asset Management LLC raised its position in shares of Porch Group by 131.3% during the 4th 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 in the last quarter. Invesco Ltd. lifted its stake in Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock worth $63,681,000 after purchasing an additional 3,103,018 shares during the last quarter. Finally, Divisadero Street Capital Management LP lifted its stake in Porch Group by 6.7% during the third quarter. Divisadero Street Capital Management LP now owns 2,606,883 shares of the company’s stock worth $43,743,000 after purchasing an additional 163,271 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Analysts Set New Price Targets

PRCH has been the topic of several analyst reports. Benchmark lifted their price objective on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Stephens initiated coverage on shares of Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price target for the company. Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Finally, Keefe, Bruyette & Woods raised shares of Porch Group from a “market perform” rating to an “outperform” rating and cut their price target for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and an average target price of $16.69.

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.