Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 7,318 Shares of Company Stock

Key Points

• Porch Group COO Matthew Neagle sold 7,318 shares at an average price of $16.83, generating $123,161.94. The transaction covered tax withholding obligations tied to vested equity awards, reducing his ownership by 0.39% to 1.89 million shares.
• Neagle has made several additional sales recently, including 27,881 shares on October 6, 40,625 shares on October 1, and 50,000 shares on September 14.
• Porch Group shares traded at $17.31, near their 52-week high of $18.37. Analysts maintain a “Moderate Buy” consensus with an average price target of $18.75, while the company’s latest quarterly revenue and adjusted earnings exceeded expectations.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 7,318 shares of Porch Group stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $16.83, for a total transaction of $123,161.94. Following the completion of the sale, the chief operating officer owned 1,892,762 shares of the company's stock, valued at $31,855,184.46. This represents a 0.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 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 transaction of $483,735.35.
• 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 stock was sold at an average price of $16.46, for a total transaction of $823,000.00.

Porch Group Stock Performance

PRCH traded up $0.14 during mid-day trading on Wednesday, reaching $17.31. 2,030,450 shares of the company traded hands, compared to its average volume of 1,714,197. The company's fifty day moving average price is $16.56 and its 200-day moving average price is $12.60. The stock has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18. The company has a quick ratio of 1.45, a current 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 released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. On average, sell-side analysts expect that Porch Group, Inc. will post -0.09 EPS for the current year.

Wall Street Analysts Forecast Growth

PRCH has been the subject of a number of recent research reports. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. B. Riley Financial increased their price objective on shares of Porch Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Texas Capital raised shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd. Benchmark increased their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Finally, Cantor Fitzgerald lifted their price target on shares of Porch Group from $18.00 to $20.00 and gave the stock an "overweight" rating in a research note on Friday, September 25th. One equities research 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 data from MarketBeat, Porch Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.75.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently modified their holdings of PRCH. Hsbc Holdings PLC lifted its stake in shares of Porch Group by 2.8% during the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company's stock valued at $587,000 after buying an additional 1,065 shares in the last quarter. Moody National Bank Trust Division increased its stake in Porch Group by 0.3% in the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company's stock worth $9,909,000 after buying an additional 1,700 shares in the last quarter. Osbon Capital Management LLC bought a new stake in Porch Group during the fourth quarter valued at about $25,000. Alpine Global Management LLC lifted its position in shares of Porch Group by 45.5% in the fourth quarter. Alpine Global Management LLC now owns 11,636 shares of the company's stock valued at $106,000 after acquiring an additional 3,636 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Porch Group in the second quarter valued at about $64,000. 48.48% of the stock is currently owned by institutional investors.

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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