Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 124,089 Shares

Key Points

• Matt Ehrlichman sold 124,089 shares on May 1 at an average price of $9.79 for about $1.215M to cover tax withholding from vested equity, leaving him with 16,564,822 shares (a 0.74% ownership decline).
• The May 1 sale continues a series of insider dispositions — he sold roughly 819,594 shares during April and about 944,000 shares in total including the May 1 transaction.
• Porch shares jumped 8.4% to $11.23 on heavy volume (3.27M shares); the company recently beat EPS and revenue expectations and carries a consensus analyst rating of "Moderate Buy" with an average target of $16.69.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 124,089 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31. Following the transaction, the chief executive officer owned 16,564,822 shares of the company's stock, valued at approximately $162,169,607.38. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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, 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 shares were 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 shares were sold at an average price of $7.15, for a total value of $867,244.95.
• On Tuesday, April 7th, Matt Ehrlichman sold 71,167 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total value of $511,690.73.
• On Thursday, April 2nd, Matt Ehrlichman sold 6,988 shares of Porch Group stock. The shares were sold at an average price of $6.98, for a total value of $48,776.24.

Porch Group Stock Up 8.4%

Shares of Porch Group stock traded up $0.87 on Tuesday, hitting $11.23. 3,267,035 shares of the company's stock traded hands, compared to its average volume of 1,726,196. The firm's 50-day moving average is $7.68 and its 200 day moving average is $9.26. Porch Group, Inc. has a 52-week low of $6.02 and a 52-week high of $19.44. The stock has a market cap of $1.40 billion, a P/E ratio of -66.05 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.

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, topping the consensus estimate 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 firm had revenue of $109.44 million for the quarter, compared to analysts' expectations of $94.72 million. Equities analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Institutional Investors Weigh In On Porch Group

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased its position in Porch Group by 95.1% in the third quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company's stock worth $15,508,000 after buying an additional 450,560 shares during the period. Vanguard Group Inc. increased its position in Porch Group by 5.6% in the third quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company's stock worth $121,691,000 after buying an additional 384,451 shares during the period. Harbor Capital Advisors Inc. increased its position in Porch Group by 68.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company's stock worth $3,545,000 after buying an additional 158,368 shares during the period. Tudor Investment Corp ET AL increased its position in Porch Group by 1,897.9% in the third quarter. Tudor Investment Corp ET AL now owns 255,511 shares of the company's stock worth $4,287,000 after buying an additional 242,722 shares during the period. Finally, Algert Global LLC increased its position in Porch Group by 2,254.1% in the third quarter. Algert Global LLC now owns 759,664 shares of the company's stock worth $12,747,000 after buying an additional 727,394 shares during the period. 48.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PRCH. Zacks Research upgraded Porch Group from a "strong sell" rating to a "hold" rating in a research note on Friday, March 6th. Keefe, Bruyette & Woods upgraded Porch Group from a "market perform" rating to an "outperform" rating and reduced their price objective for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. Stephens began coverage on Porch Group in a research note on Monday. They set an "overweight" rating and a $12.00 price objective on the stock. Finally, Benchmark raised their price objective on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $16.69.

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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