Porch Group (NASDAQ:PRCH) Stock: Insider Matt Ehrlichman Sells 19,452 Shares

Key Points

• CEO Matt Ehrlichman sold 19,452 Porch Group shares at an average price of $20.17, worth about $392,347; the sale was made under a pre-arranged Rule 10b5-1 plan.
• After the sale, Ehrlichman still directly owned about 15.4 million shares. He also sold a total of 465,955 shares from November 4–6, according to the article.
• Porch Group’s latest quarterly results beat estimates, reporting EPS of $0.10 versus $0.01 expected and revenue of $143.86 million versus $134.65 million expected.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 19,452 shares of the company's stock in a transaction dated Friday, November 6th. The shares were sold at an average price of $20.17, for a total transaction of $392,346.84. Following the sale, the chief executive officer directly owned 15,425,790 shares of the company's stock, valued at $311,138,184.30. This represents a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matt Ehrlichman also recently made the following trade(s):

• On Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The stock was sold at an average price of $20.40, for a total transaction of $3,973,165.20.
• On Wednesday, November 4th, Matt Ehrlichman sold 251,740 shares of Porch Group stock. The shares were sold at an average price of $21.58, for a total transaction of $5,432,549.20.
• On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The shares were sold at an average price of $21.51, for a total transaction of $215,100.00.
• 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 Down 2.9%

NASDAQ PRCH traded down $0.58 on Friday, hitting $19.73. 1,253,184 shares of the stock were exchanged, compared to its average volume of 1,758,051. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $21.96. The company has a debt-to-equity ratio of 13.21, a current ratio of 1.46 and a quick ratio of 1.46. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 246.62 and a beta of 3.16. The company's 50-day moving average price is $17.53 and its two-hundred day moving average price is $12.26.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. The company had revenue of $143.86 million for the quarter, compared to the consensus estimate of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. Research analysts predict that Porch Group, Inc. will post -0.01 EPS for the current year.

Key Headlines Impacting Porch Group

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: A bullish investment commentary says Porch’s homeowner relationships and property data could support growth in insurance-related fee income. It points to the planned Allied Trust acquisition as a potential source of additional customers and distribution relationships. Porch Group: Home Insurance Growth Story
• Negative Sentiment: CEO Matt Ehrlichman sold 465,955 shares in transactions from November 4–6, while COO Matthew Neagle sold 56,250 shares and Director Alan Pickerill sold 10,000 shares. Repeated sales by senior leaders may weigh on investor sentiment. The CEO’s and COO’s trades were made under pre-arranged Rule 10b5-1 plans, and Ehrlichman still owns more than 15.4 million shares, which may temper the signal. CEO SEC filing COO sale report Director sale report

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Zacks Research raised Porch Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 15th. Weiss Ratings upgraded Porch Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 21st. Craig Hallum set a $25.00 price target on shares of Porch Group in a research report on Thursday, October 29th. Cantor Fitzgerald raised 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. Finally, Benchmark upped their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $20.79.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Porch Group in the 2nd quarter valued at approximately $128,995,000. GC Wealth Management RIA LLC acquired a new stake in shares of Porch Group during the 1st quarter worth approximately $29,230,000. Park West Asset Management LLC acquired a new stake in shares of Porch Group during the 2nd quarter worth approximately $53,194,000. Jupiter Topco LLC bought a new stake in shares of Porch Group during the second quarter valued at approximately $21,979,000. Finally, Granahan Investment Management LLC raised its stake in shares of Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock valued at $90,880,000 after purchasing an additional 1,084,559 shares in the last quarter. 48.48% of the stock is currently owned by 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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