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

Key Points

• CEO Matt Ehrlichman sold 29,254 Porch Group shares for approximately $507,557 at an average price of $17.35. The sale covered tax-withholding obligations tied to vested equity awards and reduced his ownership by 0.18%.
• 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 expectations, though it remains unprofitable.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $18.75; institutional investors own approximately 48.48% of the stock.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 29,254 shares of the company's stock in a transaction on Monday, October 6th. The shares were 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 of the company's stock, valued at $275,895,275.75. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were 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 Trading Up 0.8%

Shares of PRCH stock traded up $0.14 during mid-day trading on Wednesday, reaching $17.31. The stock had a trading volume of 2,030,450 shares, compared to its average volume of 1,714,197. The firm has a market capitalization of $2.28 billion, a PE ratio of -144.25 and a beta of 3.18. The stock's 50-day moving average price is $16.56 and its two-hundred day moving average price is $12.60. 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 52-week low of $6.36 and a 52-week high of $18.37.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $122.30 million. Equities analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRCH. Wellington Management Group LLP grew its stake in Porch Group by 5.7% in the second quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company's stock worth $19,508,000 after purchasing an additional 70,139 shares during the period. Bank of America Corp DE bought a new stake in shares of Porch Group during the 2nd quarter valued at $1,920,000. Dimensional Fund Advisors LP boosted its holdings in shares of Porch Group by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company's stock valued at $11,040,000 after buying an additional 455,817 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of Porch Group in the 2nd quarter worth about $904,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Porch Group in the 1st quarter worth about $1,015,000. Institutional investors own 48.48% of the company's stock.

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.

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