Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 26,135 Shares of Company Stock

Key Points

• CEO Matt Ehrlichman sold 26,135 Porch Group shares at an average price of $17.35, generating $453,442. The sale was made to cover tax withholding obligations tied to vested equity awards, and reduced his position by 0.16%.
• Porch Group shares rose 0.8% to $17.31, near the company’s 52-week high of $18.37. The company recently exceeded quarterly earnings and revenue estimates, although it continues to report negative net margins and return on equity.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $18.75. Institutional investors own approximately 48.48% of the company.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 26,135 shares of Porch Group stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $453,442.25. Following the completion of the transaction, the chief executive officer directly owned 15,930,999 shares of the company's stock, valued at approximately $276,402,832.65. This represents a 0.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 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 0.8%

PRCH stock traded up $0.14 during trading on Wednesday, hitting $17.31. 2,030,450 shares of the stock traded hands, compared to its average volume of 1,714,197. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -144.25 and a beta of 3.18. 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, Inc. has a 1 year low of $6.36 and a 1 year high of $18.37. The firm's 50 day moving average is $16.56 and its two-hundred day moving average is $12.60.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PRCH shares. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their target price on Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, September 25th. Benchmark lifted their target price on Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Finally, Texas Capital raised Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Porch Group currently has a consensus rating of "Moderate Buy" and an average target price of $18.75.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Porch Group during the second quarter valued at approximately $128,995,000. Granahan Investment Management LLC grew its position in Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the period. Park West Asset Management LLC purchased a new stake in Porch Group during the 2nd quarter valued at $53,194,000. GC Wealth Management RIA LLC purchased a new stake in Porch Group during the 1st quarter valued at $29,230,000. Finally, Jupiter Topco LLC bought a new position in shares of Porch Group during the 2nd quarter valued at $21,979,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Company Profile

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.

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