Porch Group (NASDAQ:PRCH) CEO Sells $1,177,199.04 in Stock

Key Points

• Porch Group CEO Matt Ehrlichman sold 120,368 shares on May 20 at an average price of $9.78, generating about $1.18 million. The filing said the sale was made to cover tax withholding tied to vesting equity awards.
• This was part of a broader run of insider sales, with Ehrlichman also selling multiple blocks of Porch Group stock earlier in May and April, each worth roughly $900,000 to $1.3 million.
• Porch Group recently beat earnings expectations, reporting a smaller-than-expected loss of $0.04 per share and revenue of $109.44 million. The stock was flat at $9.74 in Thursday trading, while analysts maintain a “Moderate Buy” consensus with an average target price of $17.21.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 120,368 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the completion of the transaction, the chief executive officer directly owned 15,972,080 shares of the company's stock, valued at $156,206,942.40. This trade represents a 0.75% decrease in their position. The sale 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 Friday, May 15th, Matt Ehrlichman sold 115,805 shares of Porch Group stock. The stock was sold at an average price of $10.34, for a total value of $1,197,423.70.
• 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 stock was sold at an average price of $10.43, for a total transaction 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $997,832.88.

Porch Group Stock Performance

PRCH stock remained flat at $9.74 during midday trading on Thursday. The company had a trading volume of 1,190,169 shares, compared to its average volume of 1,741,063. 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, Inc. has a one year low of $6.36 and a one year high of $19.44. The firm has a 50-day simple moving average of $8.29 and a two-hundred day simple moving average of $8.83. The firm has a market cap of $1.24 billion, a PE ratio of -57.29 and a beta of 3.24.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. On average, sell-side analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Aster Capital Management DIFC Ltd grew its holdings 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 buying an additional 1,377 shares in the last quarter. Larson Financial Group LLC grew its stake in Porch Group by 444.8% during 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 purchased a new stake in Porch Group during the 3rd quarter valued at about $39,000. Osbon Capital Management LLC purchased a new stake in Porch Group during the 4th quarter valued at about $25,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Porch Group in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on PRCH. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Stephens began coverage on Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 price target for the company. Keefe, Bruyette & Woods upgraded 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 note on Wednesday, February 11th. Finally, Benchmark increased their target price on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Porch Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.