Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 31,250 Shares of Company Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 31,250 shares of the business’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $18.01, for a total transaction of $562,812.50. Following the completion of the transaction, the chief operating officer owned 1,793,006 shares in the company, valued at approximately $32,292,038.06. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Matthew Neagle also recently made the following trade(s):

• On Friday, October 16th, Matthew Neagle sold 40,625 shares of Porch Group stock. The shares were sold at an average price of $17.56, for a total transaction of $713,375.00.
• On Tuesday, October 6th, Matthew Neagle sold 27,881 shares of Porch Group stock. The stock was sold at an average price of $17.35, for a total transaction of $483,735.35.
• On Monday, October 5th, Matthew Neagle sold 7,318 shares of Porch Group stock. The stock was sold at an average price of $16.83, for a total transaction of $123,161.94.
• On Thursday, October 1st, Matthew Neagle sold 40,625 shares of Porch Group stock. The shares were sold at an average price of $16.69, for a total value of $678,031.25.
• On Monday, September 14th, Matthew Neagle sold 50,000 shares of Porch Group stock. The shares were sold at an average price of $16.46, for a total value of $823,000.00.

Porch Group Stock Performance

NASDAQ PRCH traded down $0.65 on Thursday, hitting $17.94. 1,684,561 shares of the stock traded hands, compared to its average volume of 1,716,046. The business’s fifty day moving average is $17.06 and its two-hundred day moving average is $13.39. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $18.75. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -149.50 and a beta of 3.18. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45.

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. The business had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. As a group, equities analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Institutional Trading of Porch Group

A number of large investors have recently modified their holdings of the business. Osbon Capital Management LLC purchased a new position in Porch Group in the second quarter worth $40,000. State of Wyoming purchased a new position in shares of Porch Group in the second quarter valued at about $64,000. Persistent Asset Partners Ltd bought a new stake in shares of Porch Group in the 2nd quarter worth approximately $103,000. Integrated Wealth Concepts LLC purchased a new position in Porch Group during the 2nd quarter valued at $138,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Porch Group by 697.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after buying an additional 8,213 shares during the period. Institutional investors own 48.48% of the company’s stock.

Analysts Set New Price Targets

PRCH has been the subject of several recent research reports. Benchmark lifted their price objective on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Craig Hallum lifted their target price on shares of Porch Group from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, Texas Capital raised shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $19.64.

About Porch Group

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.