Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 122,881 Shares

Key Points

• Porch Group CEO Matt Ehrlichman sold 122,881 shares on May 12 at an average price of $10.52, generating about $1.29 million. The filing said the sale was to cover tax withholding tied to vested equity awards.
• Ehrlichman has been actively selling shares recently, with multiple transactions in April and May totaling several hundred thousand shares. After the latest sale, he still directly owned more than 16.2 million shares.
• Porch Group beat quarterly expectations, reporting an EPS loss of $0.04 versus the expected $0.10 loss and revenue of $109.44 million versus $94.72 million expected. Analysts currently rate the stock a consensus Moderate Buy with a $17.21 price target.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 122,881 shares of the company's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $10.52, for a total transaction of $1,292,708.12. Following the sale, the chief executive officer directly owned 16,208,253 shares in the company, valued at $170,510,821.56. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 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 transaction of $1,293,289.36.
• On Tuesday, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The stock was 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 shares were 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 shares were 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 shares were 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 shares were 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 transaction of $867,244.95.
• On Tuesday, April 7th, Matt Ehrlichman sold 71,167 shares of Porch Group stock. The stock was sold at an average price of $7.19, for a total transaction of $511,690.73.

Porch Group Price Performance

NASDAQ:PRCH traded up $0.19 during mid-day trading on Thursday, reaching $10.43. 1,180,007 shares of the company were exchanged, compared to its average volume of 1,725,102. 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 stock has a market cap of $1.33 billion, a PE ratio of -61.35 and a beta of 3.24. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $19.44. The company has a fifty day moving average of $8.09 and a 200 day moving average of $9.03.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping 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 company had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. On average, research analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Zacks Research upgraded Porch Group from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Benchmark upped their price target on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Stephens assumed coverage on Porch Group in a research report on Monday, May 4th. They issued an "overweight" rating and a $12.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised Porch Group from a "market perform" rating to an "outperform" rating and dropped their price objective for the stock from $13.00 to $10.50 in a report on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.21.

Institutional Trading of Porch Group

Several hedge funds have recently added to or reduced their stakes in PRCH. Aster Capital Management DIFC Ltd increased its position in shares of 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 in the last quarter. Larson Financial Group LLC lifted its position in Porch Group by 444.8% in the 3rd 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. RiverPark Advisors LLC bought a new stake in Porch Group in the 3rd quarter valued at $39,000. Osbon Capital Management LLC acquired a new position in Porch Group in the 4th quarter worth $25,000. Finally, Kemnay Advisory Services Inc. acquired a new position in Porch Group in the 4th quarter worth $38,000. Institutional investors and hedge funds own 48.48% of the company's stock.

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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