Porch Group (NASDAQ:PRCH) CEO Sells $507,556.90 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 29,254 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $17.35, for a total transaction of $507,556.90. Following the transaction, the chief executive officer directly owned 15,901,745 shares of the company’s stock, valued at $275,895,275.75. This represents a 0.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 Tuesday, October 6th, Matt Ehrlichman sold 26,135 shares of Porch Group stock. The shares were sold at an average price of $17.35, for a total transaction of $453,442.25.
• On Monday, October 5th, Matt Ehrlichman sold 14,946 shares of Porch Group stock. The stock was sold at an average price of $16.84, for a total value of $251,690.64.

Porch Group Stock Up 0.8%

Shares of Porch Group stock traded up $0.14 during midday trading on Wednesday, hitting $17.31. The company had a trading volume of 2,030,450 shares, compared to its average volume of 1,714,197. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market capitalization of $2.28 billion, a P/E ratio of -144.25 and a beta of 3.18. The company has a 50 day moving average of $16.56 and a 200 day moving average of $12.60. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $18.37.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The business had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. On average, equities analysts predict that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Porch Group

Several large investors have recently bought and sold shares of PRCH. Wellington Management Group LLP raised its position in Porch Group by 5.7% in the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock worth $19,508,000 after buying an additional 70,139 shares during the last quarter. Bank of America Corp DE purchased a new stake in shares of Porch Group during the 2nd quarter valued at about $1,920,000. Dimensional Fund Advisors LP grew its stake in shares of Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after acquiring an additional 455,817 shares during the period. Legal & General Group Plc bought a new stake in shares of Porch Group in the second quarter worth approximately $904,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Porch Group during the first quarter valued at approximately $1,015,000. 48.48% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PRCH has been the subject of several recent analyst reports. B. Riley Financial lifted their price target on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Benchmark raised their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Texas Capital raised shares of Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd. Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Finally, Cantor Fitzgerald increased their price target on shares of Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.75.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.