Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 27,881 Shares of Company Stock

Key Points

• Porch Group COO Matthew Neagle sold 27,881 shares at an average price of $17.35, totaling approximately $483,735. The sale covered tax-withholding obligations tied to vested equity awards, and he retained 1.86 million shares.
• Neagle has made several recent sales, including 7,318 shares on October 5 and 40,625 shares on October 1, following a 50,000-share sale in September.
• Porch Group shares traded near $17.31, close to their 52-week high of $18.37. Analysts maintain a “Moderate Buy” consensus with an average price target of $18.75, while the company recently exceeded quarterly revenue and earnings expectations.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 27,881 shares of Porch Group stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total transaction of $483,735.35. Following the completion of the transaction, the chief operating officer directly owned 1,864,881 shares in the company, valued at $32,355,685.35. The trade was a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• 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 stock was 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 PRCH traded up $0.14 during mid-day trading on Wednesday, hitting $17.31. 2,030,450 shares of the company's stock were exchanged, compared to its average volume of 1,714,197. The firm has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18. Porch Group, Inc. has a fifty-two week low of $6.36 and a fifty-two week high of $18.37. The business's 50 day moving average is $16.56 and its two-hundred day moving average 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 (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. On average, equities analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Institutional Trading of Porch Group

Large investors have recently modified their holdings of the business. Osbon Capital Management LLC purchased a new position in shares of Porch Group during the 4th quarter worth approximately $25,000. State of Wyoming acquired a new stake in Porch Group during the 2nd quarter valued at $64,000. Persistent Asset Partners Ltd acquired a new stake in Porch Group during the 2nd quarter valued at $103,000. Integrated Wealth Concepts LLC purchased a new position in Porch Group during the second quarter worth $138,000. Finally, PNC Financial Services Group Inc. increased its position in Porch Group by 697.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock worth $67,000 after buying an additional 8,213 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Texas Capital upgraded shares of Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. Cantor Fitzgerald increased their price target 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. Benchmark lifted their price objective on Porch Group from $22.00 to $23.00 and gave the company 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, B. Riley Financial raised their target price on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Porch Group currently has an average rating of "Moderate Buy" and an average target price of $18.75.

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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