Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 115,805 Shares

Key Points

• Porch Group CEO Matt Ehrlichman sold 115,805 shares on May 15 at an average price of $10.34, totaling about $1.2 million. The filing says the sale was made to cover tax withholding tied to vesting equity awards.
• Ehrlichman has been selling shares repeatedly in recent weeks, with multiple prior transactions in April and May, each involving roughly 113,000 to 145,000 shares. After the latest sale, he still directly owned about 16.1 million shares.
• Porch Group reported better-than-expected first-quarter results, posting a loss of $0.04 per share versus the expected $0.10 loss and revenue of $109.44 million, above estimates. Analysts currently rate the stock a “Moderate Buy” on average, with a target price of $17.21.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 115,805 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $10.34, for a total value of $1,197,423.70. Following the completion of the sale, the chief executive officer directly owned 16,092,448 shares in the company, valued at approximately $166,395,912.32. This represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Tuesday, May 12th, Matt Ehrlichman sold 122,881 shares of Porch Group stock. The shares were sold at an average price of $10.52, for a total value of $1,292,708.12.
• On Friday, May 8th, Matt Ehrlichman sold 116,303 shares of Porch Group stock. The shares were sold at an average price of $11.12, for a total value of $1,293,289.36.
• On Tuesday, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total value of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The stock was sold at an average price of $9.79, for a total value of $1,214,831.31.
• On Tuesday, April 28th, Matt Ehrlichman sold 115,642 shares of Porch Group stock. The stock was sold at an average price of $8.11, for a total value of $937,856.62.
• On Friday, April 24th, Matt Ehrlichman sold 123,518 shares of Porch Group stock. The stock was sold at an average price of $7.68, for a total value of $948,618.24.
• On Tuesday, April 21st, Matt Ehrlichman sold 121,242 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total value of $984,485.04.
• On Friday, April 17th, Matt Ehrlichman sold 113,862 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total value of $896,093.94.
• On Tuesday, April 14th, Matt Ehrlichman sold 145,882 shares of Porch Group stock. The stock was sold at an average price of $6.84, for a total value of $997,832.88.
• On Thursday, April 9th, Matt Ehrlichman sold 121,293 shares of Porch Group stock. The stock was sold at an average price of $7.15, for a total value of $867,244.95.

Porch Group Stock Performance

PRCH stock traded down $0.20 during trading on Tuesday, reaching $9.77. 2,311,762 shares of the stock were exchanged, compared to its average volume of 1,751,203. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a market capitalization of $1.25 billion, a P/E ratio of -57.47 and a beta of 3.24. The stock has a 50 day simple moving average of $8.21 and a 200-day simple moving average of $8.91. 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 released its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The business had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. As a group, sell-side analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRCH. AQR Capital Management LLC raised its stake in shares of Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company's stock valued at $1,653,000 after acquiring an additional 130,166 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Porch Group by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock valued at $352,000 after acquiring an additional 2,002 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Porch Group by 2.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company's stock valued at $8,464,000 after acquiring an additional 26,119 shares during the last quarter. Creative Planning bought a new position in shares of Porch Group in the second quarter valued at approximately $136,000. Finally, Legal & General Group Plc raised its stake in shares of Porch Group by 1,203.8% in the second quarter. Legal & General Group Plc now owns 108,759 shares of the company's stock valued at $1,282,000 after acquiring an additional 100,417 shares during the last quarter. Institutional investors own 48.48% of the company's stock.

Wall Street Analyst Weigh In

PRCH has been the subject of a number of analyst reports. Benchmark raised their price target on shares of Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Zacks Research upgraded shares of Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Stephens initiated coverage on shares of Porch Group in a research note on Monday, May 4th. They set an "overweight" rating and a $12.00 price target for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Porch Group from a "market perform" rating to an "outperform" rating and cut their price target for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $17.21.

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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