Porch Group (NASDAQ:PRCH) CEO Sells $1,293,289.36 in Stock

Key Points

• Porch Group CEO Matt Ehrlichman sold 116,303 shares on May 8 for about $1.29 million at an average price of $11.12. The filing said the sale was made to cover tax withholding obligations tied to vesting equity awards.
• This was part of a broader run of insider selling by Ehrlichman, who has made multiple stock sales throughout April and early May as Porch Group’s share price climbed. After the latest transaction, he still held about 16.33 million shares.
• Porch Group recently beat quarterly expectations, posting a smaller-than-expected loss of $0.04 per share on revenue of $109.44 million. Analysts currently rate the stock a Moderate Buy with a consensus target price of $16.69.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 116,303 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $11.12, for a total transaction of $1,293,289.36. Following the sale, the chief executive officer owned 16,331,134 shares in the company, valued at approximately $181,602,210.08. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 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 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 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 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 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 transaction 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 transaction of $511,690.73.
• On Thursday, April 2nd, Matt Ehrlichman sold 6,988 shares of Porch Group stock. The stock was sold at an average price of $6.98, for a total transaction of $48,776.24.

Porch Group Price Performance

Porch Group stock traded down $0.20 during mid-day trading on Tuesday, reaching $10.33. The company had a trading volume of 1,447,839 shares, compared to its average volume of 1,735,514. The stock's 50-day simple moving average is $8.01 and its 200-day simple moving average is $9.11. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The company has a market capitalization of $1.29 billion, a P/E ratio of -60.76 and a beta of 3.24.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly 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. The business had revenue of $109.44 million for the quarter, compared to analysts' expectations of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. On average, equities analysts predict that Porch Group, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Osbon Capital Management LLC purchased a new position in Porch Group during the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Porch Group by 956.3% during the 3rd 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 during the period. Larson Financial Group LLC boosted its position in shares of Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after acquiring an additional 1,499 shares during the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of Porch Group in the fourth quarter worth approximately $38,000. Finally, RiverPark Advisors LLC purchased a new stake in Porch Group in the third quarter valued at approximately $39,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods raised shares of Porch Group from a "market perform" rating to an "outperform" rating and lowered their price objective for the company from $13.00 to $10.50 in a research note on Wednesday, February 11th. Benchmark lifted their price objective on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Stephens began coverage on Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price on the stock. Finally, Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.69.

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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