Matthew Neagle Sells 63,650 Shares of Porch Group (NASDAQ:PRCH) Stock

Key Points

• Porch Group COO Matthew Neagle sold 63,650 shares on May 12 at an average price of $10.52, for proceeds of about $669,598. The filing says the sale was made to cover tax withholding tied to vested equity awards.
• Neagle has been consistently selling shares throughout April and May, with multiple transactions totaling many tens of thousands of shares each. After the latest sale, he still directly owned about 2.11 million shares.
• Porch Group shares rose 1.9% to $10.43 as the company continues to trade above its 50-day average but below its 52-week high. The latest quarterly results topped analyst expectations on both EPS and revenue, and Wall Street currently has a Moderate Buy consensus rating.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 63,650 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $10.52, for a total transaction of $669,598.00. Following the sale, the chief operating officer directly owned 2,113,032 shares in the company, valued at approximately $22,229,096.64. This represents a 2.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Friday, May 8th, Matthew Neagle sold 60,240 shares of Porch Group stock. The stock was sold at an average price of $11.12, for a total transaction of $669,868.80.
• 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 shares were 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.

Porch Group Trading Up 1.9%

Shares of PRCH traded up $0.19 on Thursday, reaching $10.43. 1,180,007 shares of the company's stock were exchanged, compared to its average volume of 1,725,102. The business has a 50 day moving average price of $8.09 and a two-hundred day moving average price of $9.03. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $19.44. The stock has a market capitalization of $1.33 billion, a P/E ratio of -61.35 and a beta of 3.24. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRCH shares. Benchmark upped their price objective on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Stephens began coverage on Porch Group in a research report on Monday, May 4th. They set an "overweight" rating and a $12.00 target price for the company. Keefe, Bruyette & Woods upgraded shares of Porch Group from a "market perform" rating to an "outperform" rating and cut their price target for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Finally, Zacks Research raised shares of Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Seven 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 company. Based on data from MarketBeat.com, Porch Group currently has an average rating of "Moderate Buy" and an average target price of $17.21.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GC Wealth Management RIA LLC acquired a new position in Porch Group in the first quarter valued at about $29,230,000. Invesco Ltd. lifted its holdings in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock valued at $63,681,000 after purchasing an additional 3,103,018 shares in the last quarter. Park West Asset Management LLC grew its position in shares of Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock valued at $46,106,000 after purchasing an additional 2,867,084 shares during the period. Granahan Investment Management LLC grew its position in shares of Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock valued at $105,821,000 after purchasing an additional 1,953,736 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Porch Group by 264.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company's stock worth $9,899,000 after purchasing an additional 786,583 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors.

Porch Group Company Profile

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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