Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 120,368 Shares of Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 120,368 shares of Porch Group stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $1,177,199.04. Following the completion of the sale, the chief executive officer owned 15,972,080 shares of the company’s stock, valued at approximately $156,206,942.40. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 stock was 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 stock was 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 value of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The shares were 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 value of $937,856.62.
• On Friday, April 24th, Matt Ehrlichman sold 123,518 shares of Porch Group stock. The shares were 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 value 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 shares were sold at an average price of $6.84, for a total value of $997,832.88.

Porch Group Stock Performance

PRCH stock opened at $9.74 on Friday. The company has a market cap of $1.24 billion, a P/E ratio of -57.29 and a beta of 3.24. The business’s fifty day moving average is $8.33 and its 200-day moving average is $8.79. 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, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The firm 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%. Equities research analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current year.

More Porch Group News

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: Porch Group said Homeowners of America launched homeowners insurance in Michigan, expanding its insurance footprint to a 22nd state and supporting its strategy to grow premium volume and cash flow over time. Porch Group Launches Insurance in Michigan
• Positive Sentiment: Recent quarterly results were stronger than expected, with Porch Group posting a smaller-than-expected loss and revenue well above analyst estimates, which may continue to support sentiment.
• Neutral Sentiment: Several institutions increased their holdings in the latest quarter, suggesting some professional investors remain constructive on the stock’s longer-term outlook.
• Negative Sentiment: CEO Matt Ehrlichman, COO Matthew Neagle, and CFO Shawn Tabak all sold shares this week, adding to a recent pattern of insider sales. The company said these transactions were tied to tax withholding from equity vesting, which reduces concern, but the volume of sales may still weigh on investor sentiment. Matt Ehrlichman insider sale

Institutional Trading of Porch Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in shares of Porch Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock worth $350,000 after purchasing an additional 1,090 shares during the period. Alliancebernstein L.P. increased its position in shares of Porch Group by 1.5% in the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock worth $1,349,000 after purchasing an additional 1,200 shares during the period. Prudential Financial Inc. increased its position in shares of Porch Group by 9.4% in the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock worth $168,000 after purchasing an additional 1,220 shares during the period. Aster Capital Management DIFC Ltd increased its position in shares of Porch Group by 956.3% in the third quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company’s stock worth $26,000 after purchasing an additional 1,377 shares during the period. Finally, Larson Financial Group LLC increased 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 purchasing an additional 1,499 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PRCH shares. Zacks Research upgraded 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 set an “overweight” rating and a $12.00 target price for the company. Benchmark increased their target price on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods raised Porch Group from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Seven 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.