Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 251,740 Shares of Company Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 251,740 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $21.58, for a total transaction of $5,432,549.20. Following the sale, the chief executive officer owned 15,640,005 shares of the company’s stock, valued at approximately $337,511,307.90. The trade was a 1.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matt Ehrlichman also recently made the following trade(s):

• On Friday, November 6th, Matt Ehrlichman sold 19,452 shares of Porch Group stock. The shares were sold at an average price of $20.17, for a total value of $392,346.84.
• On Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The stock was sold at an average price of $20.40, for a total value of $3,973,165.20.
• On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The stock was sold at an average price of $21.51, for a total transaction of $215,100.00.
• 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 shares were sold at an average price of $16.84, for a total transaction of $251,690.64.

Porch Group Stock Performance

PRCH stock traded down $0.58 on Friday, reaching $19.73. The company’s stock had a trading volume of 1,253,184 shares, compared to its average volume of 1,758,051. The company has a debt-to-equity ratio of 13.21, a current ratio of 1.46 and a quick ratio of 1.46. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $21.96. The firm has a fifty day moving average of $17.53 and a two-hundred day moving average of $12.26. The company has a market capitalization of $2.60 billion, a P/E ratio of 246.62 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. Porch Group had a return on equity of 39.28% and a net margin of 1.81%. The company had revenue of $143.86 million for the quarter, compared to analyst estimates of $134.65 million. As a group, analysts predict that Porch Group, Inc. will post -0.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on PRCH. Texas Capital raised shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd. Benchmark upped their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. B. Riley Financial increased their price objective on shares of Porch Group from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. Craig Hallum set a $25.00 price objective on shares of Porch Group in a research note on Thursday, October 29th. Finally, Weiss Ratings upgraded shares of Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Porch Group has a consensus rating of “Buy” and an average target price of $20.79.

Key Stories Impacting Porch Group

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

• Positive Sentiment: A bullish investment commentary says Porch’s homeowner relationships and property data could support growth in insurance-related fee income. It points to the planned Allied Trust acquisition as a potential source of additional customers and distribution relationships. Porch Group: Home Insurance Growth Story
• Negative Sentiment: CEO Matt Ehrlichman sold 465,955 shares in transactions from November 4–6, while COO Matthew Neagle sold 56,250 shares and Director Alan Pickerill sold 10,000 shares. Repeated sales by senior leaders may weigh on investor sentiment. The CEO’s and COO’s trades were made under pre-arranged Rule 10b5-1 plans, and Ehrlichman still owns more than 15.4 million shares, which may temper the signal. CEO SEC filing COO sale report Director sale report

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 stake in shares of Porch Group in the second quarter worth approximately $128,995,000. GC Wealth Management RIA LLC purchased a new position in Porch Group during the first quarter valued at approximately $29,230,000. Park West Asset Management LLC purchased a new position in Porch Group during the second quarter valued at approximately $53,194,000. Jupiter Topco LLC acquired a new position in Porch Group in the 2nd quarter valued at approximately $21,979,000. Finally, Granahan Investment Management LLC increased its stake in Porch Group by 9.4% in the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after buying an additional 1,084,559 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.