Insider Selling: Porch Group (NASDAQ:PRCH) COO Sells $669,868.80 in Stock

Key Points

• Porch Group COO Matthew Neagle sold 60,240 shares on May 8 at an average price of $11.12, totaling about $669,869. The filing says the sale was made to cover tax withholding obligations tied to vesting equity awards.
• The sale was part of a larger string of insider disposals by Neagle over recent weeks, including multiple transactions in April and early May as Porch Group’s stock price climbed.
• Porch Group shares fell 1.9% to $10.33 in Tuesday trading after the report, while the company’s latest earnings beat expectations with smaller-than-expected losses and stronger-than-expected revenue.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 60,240 shares of Porch Group stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $11.12, for a total transaction of $669,868.80. Following the completion of the transaction, the chief operating officer directly owned 2,176,682 shares in the company, valued at approximately $24,204,703.84. The trade was a 2.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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, May 5th, Matthew Neagle sold 60,802 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total transaction of $634,164.86.
• On Friday, May 1st, Matthew Neagle sold 64,274 shares of Porch Group stock. The stock was sold at an average price of $9.79, for a total transaction of $629,242.46.
• On Tuesday, April 28th, Matthew Neagle sold 59,901 shares of Porch Group stock. The stock was sold at an average price of $8.11, for a total value of $485,797.11.
• On Friday, April 24th, Matthew Neagle sold 63,979 shares of Porch Group stock. The shares were sold at an average price of $7.68, for a total value of $491,358.72.
• On Tuesday, April 21st, Matthew Neagle sold 62,801 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total value of $509,944.12.
• On Friday, April 17th, Matthew Neagle sold 58,978 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total value of $464,156.86.
• On Tuesday, April 14th, Matthew Neagle sold 83,599 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total value of $571,817.16.
• On Thursday, April 9th, Matthew Neagle sold 62,827 shares of Porch Group stock. The stock was sold at an average price of $7.15, for a total value of $449,213.05.
• On Tuesday, April 7th, Matthew Neagle sold 28,825 shares of Porch Group stock. The stock was sold at an average price of $7.19, for a total value of $207,251.75.
• On Thursday, April 2nd, Matthew Neagle sold 8,446 shares of Porch Group stock. The shares were sold at an average price of $6.98, for a total transaction of $58,953.08.

Porch Group Stock Down 1.9%

Shares of PRCH traded down $0.20 during mid-day trading on Tuesday, hitting $10.33. 1,447,839 shares of the company traded hands, compared to its average volume of 1,735,514. The company has a market capitalization of $1.29 billion, a PE ratio of -60.76 and a beta of 3.24. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The business has a 50 day moving average of $8.01 and a 200 day moving average of $9.11. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.06. The company had revenue of $109.44 million during the quarter, compared to analysts' expectations of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. Equities research analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current year.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osbon Capital Management LLC purchased a new position in shares of Porch Group during the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd grew its holdings in Porch Group by 956.3% during the third quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock worth $26,000 after acquiring an additional 1,377 shares during the period. Larson Financial Group LLC raised its position in Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after acquiring an additional 1,499 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new position in Porch Group during the fourth quarter valued at approximately $38,000. Finally, RiverPark Advisors LLC acquired a new position in Porch Group in the third quarter valued at approximately $39,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of Porch Group from a "market perform" rating to an "outperform" rating and dropped their price objective for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Stephens initiated coverage on Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 price objective for the company. Finally, Benchmark lifted their target price on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.69.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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