Porch Group (NASDAQ:PRCH) COO Sells 50,000 Shares of Stock

Key Points

• Porch Group COO Matthew Neagle sold 50,000 shares at an average price of $16.46, generating $823,000. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan and reduced his holdings by 2.51%.
• Porch Group shares traded at $15.89, down 1.0% during midday trading, while the company has a market capitalization of approximately $2.09 billion. The stock has a 52-week range of $6.36 to $19.44.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $18.42. Porch Group recently exceeded quarterly expectations, reporting $0.05 in earnings per share versus the consensus estimate of a $0.03 loss and revenue of $131.81 million.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 50,000 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $823,000.00. Following the transaction, the chief operating officer directly owned 1,940,705 shares in the company, valued at approximately $31,944,004.30. This represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Porch Group Trading Down 1.0%

Porch Group stock traded down $0.16 during midday trading on Wednesday, reaching $15.89. The stock had a trading volume of 1,483,638 shares, compared to its average volume of 1,717,530. The stock's 50-day simple moving average is $15.57 and its 200 day simple moving average is $11.66. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $2.09 billion, a PE ratio of -132.42 and a beta of 3.17.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. Analysts expect that Porch Group, Inc. will post -0.09 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on PRCH. Keefe, Bruyette & Woods raised their price target on shares of Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a report on Thursday, July 30th. B. Riley Financial boosted 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. Benchmark increased their price objective 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. Cantor Fitzgerald raised their target price on shares of Porch Group from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Porch Group currently has an average rating of "Moderate Buy" and an average target price of $18.42.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at approximately $138,000. NewEdge Advisors LLC acquired a new stake in shares of Porch Group during the second quarter worth approximately $198,000. Corient Private Wealth LP increased its stake in shares of Porch Group by 550.4% in the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company's stock worth $1,070,000 after buying an additional 60,212 shares during the last quarter. Concurrent Investment Advisors LLC increased its stake in shares of Porch Group by 10.2% in the second quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company's stock worth $1,755,000 after buying an additional 10,812 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of Porch Group by 2.8% in the second quarter. Hsbc Holdings PLC now owns 39,370 shares of the company's stock worth $587,000 after buying an additional 1,065 shares during the last quarter. 48.48% of the stock is currently 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 real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company's products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.

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