Insider Selling: Porch Group (NASDAQ:PRCH) COO Sells $562,812.50 in Stock

Key Points

• Porch Group COO Matthew Neagle sold 31,250 shares at an average price of $18.01, totaling $562,812.50. The transaction, made under a pre-arranged Rule 10b5-1 plan, reduced his ownership by 1.71% to 1,793,006 shares.
• Neagle has made several additional sales since September, bringing the article’s reported recent transactions to more than $3.3 million in proceeds.
• Porch Group shares traded near $17.94, close to their 52-week high of $18.75. Analysts maintained a consensus “Buy” rating with an average price target of $19.64, while the company’s latest quarterly results exceeded revenue and EPS expectations.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 31,250 shares of Porch Group stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $18.01, for a total transaction of $562,812.50. Following the completion of the sale, the chief operating officer owned 1,793,006 shares in the company, valued at $32,292,038.06. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, October 16th, Matthew Neagle sold 40,625 shares of Porch Group stock. The shares were sold at an average price of $17.56, for a total value of $713,375.00.
• On Tuesday, October 6th, Matthew Neagle sold 27,881 shares of Porch Group stock. The stock was sold at an average price of $17.35, for a total value of $483,735.35.
• On Monday, October 5th, Matthew Neagle sold 7,318 shares of Porch Group stock. The stock was sold at an average price of $16.83, for a total transaction of $123,161.94.
• 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 Stock Performance

Shares of Porch Group stock traded down $0.65 during trading on Thursday, hitting $17.94. 1,684,561 shares of the stock were exchanged, compared to its average volume of 1,716,046. The company has a fifty day moving average price of $17.06 and a 200-day moving average price of $13.39. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -149.50 and a beta of 3.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $18.75.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. The company had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. As a group, equities analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have commented on PRCH shares. Texas Capital upgraded Porch Group to a "strong-buy" rating in a research note on Tuesday, September 22nd. B. Riley Financial increased their target price on shares of Porch Group from $21.00 to $24.00 and gave the company a "buy" rating in a research report on Wednesday, October 14th. Keefe, Bruyette & Woods upped their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday. Finally, Cantor Fitzgerald boosted their price objective on Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a report on Friday, September 25th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Porch Group presently has a consensus rating of "Buy" and a consensus price target of $19.64.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Porch Group by 5.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company's stock valued at $19,508,000 after purchasing an additional 70,139 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Porch Group during the 2nd quarter worth $1,920,000. Legal & General Group Plc purchased a new position in shares of Porch Group in the 2nd quarter worth about $904,000. Dimensional Fund Advisors LP boosted its holdings in shares of Porch Group by 42.0% in the 1st 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 last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Porch Group in the 1st quarter worth about $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 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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