Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $453,442.25 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 26,135 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $453,442.25. Following the completion of the sale, the chief executive officer owned 15,930,999 shares of the company’s stock, valued at $276,402,832.65. This trade represents a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 Monday, October 5th, Matt Ehrlichman sold 14,946 shares of Porch Group stock. The shares were sold at an average price of $16.84, for a total value of $251,690.64.

Porch Group Stock Up 0.2%

Shares of PRCH stock opened at $17.56 on Friday. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $18.37. 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 business’s fifty day moving average is $16.78 and its 200-day moving average is $12.77. The stock has a market cap of $2.31 billion, a PE ratio of -146.33 and a beta of 3.18.

Porch Group (NASDAQ:PRCH) last released its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Equities analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRCH. BlackRock Inc. purchased a new position in shares of Porch Group in the second quarter worth approximately $128,995,000. GC Wealth Management RIA LLC purchased a new stake in shares of Porch Group in the 1st quarter valued at approximately $29,230,000. Park West Asset Management LLC purchased a new stake in shares of Porch Group in the 2nd quarter valued at approximately $53,194,000. Granahan Investment Management LLC boosted its stake in Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the period. Finally, Jupiter Topco LLC acquired a new position in Porch Group in the 2nd quarter worth approximately $21,979,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PRCH has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Benchmark lifted their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Cantor Fitzgerald upped their price target on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Finally, B. Riley Financial increased their price objective on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.75.

Porch Group Company Profile

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.