Porch Group (NASDAQ:PRCH) COO Sells $620,224.22 in Stock

Key Points

• Porch Group COO Matthew Neagle sold 59,983 shares on May 15 at an average price of $10.34, for proceeds of $620,224.22. The filing says the sale was to cover tax withholding tied to vesting equity awards.
• This was part of a steady run of insider sales by Neagle over recent weeks, including multiple transactions in April and May that totaled hundreds of thousands of shares sold.
• Porch Group recently beat quarterly expectations, reporting a Q1 loss of $0.04 per share versus the expected $0.10 loss and revenue of $109.44 million versus estimates of $94.72 million. Despite that, the stock was trading around $9.77, below the consensus analyst target of $17.21.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 59,983 shares of the company's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $10.34, for a total value of $620,224.22. Following the transaction, the chief operating officer directly owned 2,053,049 shares in the company, valued at $21,228,526.66. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed 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.

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

• On Tuesday, May 12th, Matthew Neagle sold 63,650 shares of Porch Group stock. The shares were sold at an average price of $10.52, for a total transaction of $669,598.00.
• On Friday, May 8th, Matthew Neagle sold 60,240 shares of Porch Group stock. The stock was sold at an average price of $11.12, for a total transaction of $669,868.80.
• On Tuesday, May 5th, Matthew Neagle sold 60,802 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total transaction of $634,164.86.
• On Friday, May 1st, Matthew Neagle sold 64,274 shares of Porch Group stock. The shares were 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 value 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 value 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 value 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 value 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 value 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 value of $449,213.05.

Porch Group Stock Performance

Porch Group stock traded down $0.20 during mid-day trading on Tuesday, reaching $9.77. 2,311,762 shares of the company's stock were exchanged, compared to its average volume of 1,751,203. The business's fifty day simple moving average is $8.21 and its 200 day simple moving average is $8.91. The firm has a market capitalization of $1.25 billion, a PE ratio of -57.47 and a beta of 3.24. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44. 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 issued its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS 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 analyst estimates 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, sell-side analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on PRCH shares. 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 decreased their target price for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. Stephens started 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, Benchmark upped their target price on Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Porch Group has a consensus rating of "Moderate Buy" and a consensus target price of $17.21.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. GC Wealth Management RIA LLC purchased a new stake in Porch Group during the 1st quarter valued at about $29,230,000. Invesco Ltd. raised its position in Porch Group by 448.4% during the 3rd 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 last quarter. Park West Asset Management LLC raised its position in Porch Group by 131.3% during the 4th 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 last quarter. Granahan Investment Management LLC raised its position in Porch Group by 20.3% during the 4th 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 last quarter. Finally, Dimensional Fund Advisors LP raised its position in Porch Group by 264.2% during the 4th 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 last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

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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