Porch Group (NASDAQ:PRCH) CEO Sells $1,293,289.36 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 116,303 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $11.12, for a total transaction of $1,293,289.36. Following the transaction, the chief executive officer owned 16,331,134 shares in the company, valued at approximately $181,602,210.08. The trade was a 0.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 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 transaction of $1,292,708.12.
• 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 transaction of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The stock was sold at an average price of $9.79, for a total transaction of $1,214,831.31.
• On Tuesday, April 28th, Matt Ehrlichman sold 115,642 shares of Porch Group stock. The stock was sold at an average price of $8.11, for a total transaction of $937,856.62.
• On Friday, April 24th, Matt Ehrlichman sold 123,518 shares of Porch Group stock. The stock was sold at an average price of $7.68, for a total transaction of $948,618.24.
• On Tuesday, April 21st, Matt Ehrlichman sold 121,242 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total transaction of $984,485.04.
• On Friday, April 17th, Matt Ehrlichman sold 113,862 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total transaction 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 transaction of $997,832.88.
• On Thursday, April 9th, Matt Ehrlichman sold 121,293 shares of Porch Group stock. The shares were sold at an average price of $7.15, for a total transaction of $867,244.95.
• On Tuesday, April 7th, Matt Ehrlichman sold 71,167 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total transaction of $511,690.73.

Porch Group Stock Performance

Shares of PRCH stock opened at $10.43 on Friday. The firm has a 50-day moving average of $8.14 and a 200-day moving average of $8.99. The company has a market cap of $1.33 billion, a P/E ratio of -61.35 and a beta of 3.24. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The company had revenue of $109.44 million during the quarter, compared to the consensus estimate 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 fiscal year.

Wall Street Analyst Weigh In

PRCH has been the subject of several analyst reports. Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Benchmark increased their target price on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Stephens initiated coverage on shares of Porch Group in a report on Monday, May 4th. They issued an “overweight” rating and a $12.00 target price for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Porch Group from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Seven investment 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’s stock. According to MarketBeat, Porch Group currently has an average rating of “Moderate Buy” and an average price target of $17.21.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GC Wealth Management RIA LLC purchased a new position in Porch Group in the first quarter valued at about $29,230,000. Arrowstreet Capital Limited Partnership purchased a new position in Porch Group in the first quarter valued at about $1,015,000. Globeflex Capital L P purchased a new position in Porch Group in the first quarter valued at about $2,455,000. Cetera Investment Advisers purchased a new position in Porch Group in the first quarter valued at about $74,000. Finally, PNC Financial Services Group Inc. boosted its stake in Porch Group by 697.8% in the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after acquiring an additional 8,213 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

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.