Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $3,973,165.20 in Stock

Key Points

• CEO Matt Ehrlichman sold 194,763 Porch Group shares for about $3.97 million at an average price of $20.40. The sale was made under a pre-arranged Rule 10b5-1 plan; he retained about 15.45 million shares.
• Porch Group’s latest quarterly results beat expectations, with earnings of $0.10 per share versus a $0.01 consensus estimate and revenue of $143.86 million versus estimates of $134.65 million.
• Analyst sentiment was broadly positive: the stock had a consensus “Buy” rating, with a $20.79 average price target. Shares traded at $19.73 in Friday’s mid-day trading.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 194,763 shares of the stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $20.40, for a total transaction of $3,973,165.20. Following the completion of the sale, the chief executive officer owned 15,445,242 shares of the company's stock, valued at approximately $315,082,936.80. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, November 6th, Matt Ehrlichman sold 19,452 shares of Porch Group stock. The stock was sold at an average price of $20.17, for a total value of $392,346.84.
• 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 value 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 value of $215,100.00.
• On Tuesday, October 6th, Matt Ehrlichman sold 26,135 shares of Porch Group stock. The shares were 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 shares were sold at an average price of $16.84, for a total value of $251,690.64.

Porch Group Stock Performance

Shares of PRCH stock traded down $0.58 during mid-day trading on Friday, reaching $19.73. The stock had a trading volume of 1,253,184 shares, compared to its average volume of 1,758,051. The firm's 50 day simple moving average is $17.53 and its 200 day simple moving average is $12.26. 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 one year low of $6.36 and a one year high of $21.96. The firm has a market cap of $2.60 billion, a PE ratio of 246.62 and a beta of 3.16.

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

Porch Group News Summary

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

Institutional Investors Weigh In On Porch Group

Several large investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Porch Group during the 2nd quarter worth approximately $128,995,000. Granahan Investment Management LLC boosted its stake in Porch Group by 9.4% in the 1st 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 in the last quarter. Park West Asset Management LLC bought a new stake in Porch Group in the second quarter valued at $53,194,000. GC Wealth Management RIA LLC bought a new stake in Porch Group in the first quarter valued at $29,230,000. Finally, Jupiter Topco LLC bought a new stake in Porch Group in the second quarter valued at $21,979,000. 48.48% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on PRCH shares. Texas Capital raised Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. Zacks Research raised shares of Porch Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 15th. B. Riley Financial increased their price objective on shares of Porch Group from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Wednesday, October 14th. Craig Hallum set a $25.00 price objective on shares of Porch Group in a research note on Thursday, October 29th. Finally, Oppenheimer lifted their target price on shares of Porch Group from $20.00 to $25.00 and gave the company an "outperform" rating in a research report on Thursday, October 29th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Porch Group has an average rating of "Buy" and a consensus price target of $20.79.

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.

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