Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $507,556.90 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 29,254 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $17.35, for a total transaction of $507,556.90. Following the sale, the chief executive officer owned 15,901,745 shares in the company, valued at approximately $275,895,275.75. The trade was a 0.18% decrease in their position. The transaction was disclosed in a document filed 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.

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

• 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 transaction 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 transaction of $251,690.64.

Porch Group Stock Up 0.2%

Shares of PRCH stock opened at $17.56 on Friday. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -146.33 and a beta of 3.18. Porch Group, Inc. has a one year low of $6.36 and a one year high of $18.37. The company’s fifty day moving average price is $16.78 and its 200-day moving average price is $12.77. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45.

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

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Porch Group during the 2nd quarter valued at about $128,995,000. GC Wealth Management RIA LLC purchased a new position in Porch Group in the first quarter worth about $29,230,000. Park West Asset Management LLC purchased a new position in Porch Group in the second quarter worth about $53,194,000. Granahan Investment Management LLC increased its stake in Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after acquiring an additional 1,953,736 shares during the last quarter. Finally, Jupiter Topco LLC bought a new stake in Porch Group during the second quarter worth approximately $21,979,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PRCH has been the subject of several research analyst reports. B. Riley Financial increased their target price on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods upped their price target on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their price objective on shares of Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Finally, Benchmark boosted their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and an average price target of $18.75.

About Porch Group

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.