Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 60,802 Shares

Key Points

• Porch COO Matthew Neagle sold 60,802 shares on May 5 at an average price of $10.43, generating about $634,165 to cover tax withholding from vested equity.
• Neagle completed a series of sales in April–May totaling roughly 554,432 shares (multiple automatic tax-withholding transactions) but still owns about 2,236,922 shares valued at roughly $23.33 million after the May 5 sale.
• Porch stock recently traded near $11.28 after an earnings report that beat EPS and revenue estimates, though the company remains unprofitable; analysts have a consensus "Moderate Buy" rating with an average price target of $16.69.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 60,802 shares of Porch Group stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $10.43, for a total transaction of $634,164.86. Following the transaction, the chief operating officer owned 2,236,922 shares of the company's stock, valued at approximately $23,331,096.46. The trade was a 2.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Matthew Neagle also recently made the following trade(s):

• On Friday, May 1st, Matthew Neagle sold 64,274 shares of Porch Group stock. The stock was sold at an average price of $9.79, for a total transaction of $629,242.46.
• On Tuesday, April 28th, Matthew Neagle sold 59,901 shares of Porch Group stock. The stock was sold at an average price of $8.11, for a total transaction of $485,797.11.
• On Friday, April 24th, Matthew Neagle sold 63,979 shares of Porch Group stock. The stock was sold at an average price of $7.68, for a total transaction of $491,358.72.
• On Tuesday, April 21st, Matthew Neagle sold 62,801 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total transaction of $509,944.12.
• On Friday, April 17th, Matthew Neagle sold 58,978 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total transaction of $464,156.86.
• On Tuesday, April 14th, Matthew Neagle sold 83,599 shares of Porch Group stock. The stock was sold at an average price of $6.84, for a total transaction of $571,817.16.
• On Thursday, April 9th, Matthew Neagle sold 62,827 shares of Porch Group stock. The stock was sold at an average price of $7.15, for a total transaction of $449,213.05.
• On Tuesday, April 7th, Matthew Neagle sold 28,825 shares of Porch Group stock. The stock was sold at an average price of $7.19, for a total transaction of $207,251.75.
• On Thursday, April 2nd, Matthew Neagle sold 8,446 shares of Porch Group stock. The stock was sold at an average price of $6.98, for a total transaction of $58,953.08.

Porch Group Price Performance

PRCH traded up $0.18 during midday trading on Thursday, reaching $11.28. 1,875,613 shares of the company's stock were exchanged, compared to its average volume of 1,736,951. 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 stock has a market capitalization of $1.40 billion, a PE ratio of -66.35 and a beta of 3.24. The business's 50-day moving average price is $7.82 and its 200 day moving average price is $9.20. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44.

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. The company had revenue of $109.44 million during the quarter, compared to analysts' expectations of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. As a group, equities analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently bought and sold shares of PRCH. Invesco Ltd. grew its holdings in Porch Group by 448.4% in the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock valued at $63,681,000 after purchasing an additional 3,103,018 shares during the period. Park West Asset Management LLC grew its holdings in Porch Group by 131.3% in the fourth quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock valued at $46,106,000 after purchasing an additional 2,867,084 shares during the period. Granahan Investment Management LLC grew its holdings in Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock valued at $105,821,000 after purchasing an additional 1,953,736 shares during the period. Dimensional Fund Advisors LP grew its holdings in Porch Group by 264.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company's stock valued at $9,899,000 after purchasing an additional 786,583 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in Porch Group in the third quarter valued at approximately $12,747,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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