Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 145,882 Shares

Key Points

• Porch Group CEO Matt Ehrlichman sold 145,882 shares on April 14 at an average price of $6.84 for about $997,833 to cover tax withholding on vested equity, and still directly owns 17,163,175 shares (a 0.84% reduction).
• Ehrlichman made additional April sales — 121,293 shares on Apr 9, 71,167 on Apr 7 and 6,988 on Apr 2 — totaling 345,330 shares sold in April for roughly $2.43 million.
• PRCH traded up ~3.6% to $7.71 midday, with a market cap of about $959.6M, negative EPS and a consensus analyst rating of "Moderate Buy" with an average price target of $17.21.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 145,882 shares of the firm's stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $6.84, for a total value of $997,832.88. Following the sale, the chief executive officer directly owned 17,163,175 shares in the company, valued at approximately $117,396,117. This trade represents a 0.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 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.
• 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 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 Trading Up 3.6%

Shares of PRCH stock traded up $0.27 during mid-day trading on Thursday, reaching $7.71. 1,693,775 shares of the stock traded hands, compared to its average volume of 1,523,527. The company has a market cap of $959.59 million, a price-to-earnings ratio of -154.20 and a beta of 3.09. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 17.20. The stock's fifty day simple moving average is $7.58 and its two-hundred day simple moving average is $9.90. Porch Group, Inc. has a 1-year low of $4.64 and a 1-year high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05. Porch Group had a negative return on equity of 51.86% and a negative net margin of 0.72%.The company had revenue of $112.25 million during the quarter, compared to the consensus estimate of $109.13 million. On average, research analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Porch Group

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Porch Group by 5.6% during the 3rd 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. JPMorgan Chase & Co. lifted its position in shares of Porch Group by 95.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company's stock valued at $15,508,000 after acquiring an additional 450,560 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 68.9% during the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company's stock worth $3,545,000 after acquiring an additional 158,368 shares in the last quarter. Algert Global LLC boosted its stake in Porch Group by 2,254.1% during the third quarter. Algert Global LLC now owns 759,664 shares of the company's stock worth $12,747,000 after acquiring an additional 727,394 shares in the last quarter. Finally, Divisadero Street Capital Management LP grew its holdings in Porch Group by 6.7% in the third quarter. Divisadero Street Capital Management LP now owns 2,606,883 shares of the company's stock worth $43,743,000 after purchasing an additional 163,271 shares during the period. 48.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on PRCH shares. Weiss Ratings reiterated a "sell (d+)" rating on shares of Porch Group in a report on Monday, December 29th. Benchmark restated a "buy" rating on shares of Porch Group in a report on Friday, January 16th. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Finally, Keefe, Bruyette & Woods upgraded Porch Group from a "market perform" rating to an "outperform" rating and reduced their price target for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Seven equities 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.21.

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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