Porch Group (NASDAQ:PRCH) COO Sells 40,625 Shares of Stock

Key Points

• Porch Group COO Matthew Neagle sold 40,625 shares at an average price of $17.56, generating $713,375. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan and reduced his direct holdings by 2.18% to 1.82 million shares.
• Neagle has made several additional sales since September, selling more than 125,000 shares in total across the reported transactions.
• Porch Group shares recently traded at $18.18, near their 52-week high of $18.41. Analysts maintain a consensus “Moderate 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 40,625 shares of the firm's stock in a transaction on Friday, October 16th. The shares were sold at an average price of $17.56, for a total transaction of $713,375.00. Following the completion of the transaction, the chief operating officer directly owned 1,824,256 shares of the company's stock, valued at approximately $32,033,935.36. This trade represents a 2.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, October 6th, Matthew Neagle sold 27,881 shares of Porch Group stock. The shares were 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 shares were sold at an average price of $16.83, for a total value 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 stock was sold at an average price of $16.46, for a total value of $823,000.00.

Porch Group Stock Performance

Shares of PRCH stock traded up $0.53 during trading on Tuesday, reaching $18.18. 2,317,940 shares of the company's stock were exchanged, compared to its average volume of 1,712,104. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $18.41. The stock has a market capitalization of $2.40 billion, a PE ratio of -151.50 and a beta of 3.18. The firm's fifty day moving average price is $16.96 and its 200-day moving average price is $13.24. 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 (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. As a group, sell-side analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PRCH shares. Craig Hallum lifted their price target on shares of Porch Group from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, October 14th. Texas Capital upgraded shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd. Cantor Fitzgerald lifted their target price on shares of Porch Group from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, September 25th. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Finally, B. Riley Financial boosted their price objective on Porch Group from $21.00 to $24.00 and gave the company a "buy" rating in a research note on Wednesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $19.64.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Osbon Capital Management LLC bought a new position in shares of Porch Group during the second quarter valued at approximately $40,000. State of Wyoming bought a new position in Porch Group during the 2nd quarter valued at about $64,000. Persistent Asset Partners Ltd purchased a new position in shares of Porch Group in the 2nd quarter worth $103,000. Integrated Wealth Concepts LLC bought a new stake in Porch Group during the second quarter valued at approximately $138,000. Finally, PNC Financial Services Group Inc. grew its holdings 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 valued at $67,000 after purchasing an additional 8,213 shares during the period. 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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