Porch Group (NASDAQ:PRCH) Stock: Insider Matthew Neagle Sells 56,250 Shares

Key Points

• Porch Group COO Matthew Neagle sold 56,250 shares for $1.17 million at an average price of $20.88 under a pre-arranged Rule 10b5-1 plan. He retained 1,736,756 shares after the sale.
• Neagle has made several other stock sales since September; the latest transaction reduced his ownership by 3.14%.
• Porch Group beat quarterly earnings and revenue estimates, while analysts’ consensus rating was Buy. Shares traded at $21.56, near their 12-month high of $21.96.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 56,250 shares of the business's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $20.88, for a total value of $1,174,500.00. Following the completion of the sale, the chief operating officer owned 1,736,756 shares in the company, valued at approximately $36,263,465.28. The trade was a 3.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 20th, Matthew Neagle sold 31,250 shares of Porch Group stock. The shares were sold at an average price of $18.01, for a total value of $562,812.50.
• On Friday, October 16th, Matthew Neagle sold 40,625 shares of Porch Group stock. The stock was sold at an average price of $17.56, for a total value of $713,375.00.
• 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 value of $483,735.35.
• 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 value 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 value 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 value of $823,000.00.

Porch Group Stock Performance

NASDAQ PRCH traded up $0.04 during trading on Wednesday, hitting $21.56. 1,871,671 shares of the company's stock traded hands, compared to its average volume of 1,759,547. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 269.50 and a beta of 3.16. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $21.96. The company has a debt-to-equity ratio of 13.21, a quick ratio of 1.46 and a current ratio of 1.46. The business has a 50 day moving average of $17.38 and a 200-day moving average of $12.14.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.09. The firm had revenue of $143.86 million during the quarter, compared to analyst estimates of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. As a group, equities research analysts anticipate that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Benchmark raised their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. B. Riley Financial boosted their target price on shares of Porch Group from $21.00 to $24.00 and gave the company a "buy" rating in a report on Wednesday, October 14th. Craig Hallum set a $25.00 target price on shares of Porch Group in a report on Thursday, October 29th. Wall Street Zen upgraded Porch Group from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Oppenheimer raised their price target on Porch Group from $20.00 to $25.00 and gave the stock an "outperform" rating in a report on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $20.79.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC purchased a new stake in shares of Porch Group in the second quarter worth about $40,000. State of Wyoming purchased a new position in Porch Group during the second quarter valued at approximately $64,000. PNC Financial Services Group Inc. grew its stake 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 acquiring an additional 8,213 shares in the last quarter. Cetera Investment Advisers purchased a new position in Porch Group during the first quarter valued at approximately $74,000. Finally, Persistent Asset Partners Ltd bought a new stake in Porch Group during the 2nd quarter worth approximately $103,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

About Porch Group

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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