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 stock in a transaction dated Wednesday, November 4th. The stock was sold at an average price of $21.58, for a total transaction of $5,432,549.20. Following the transaction, the chief executive officer owned 15,640,005 shares of the company’s stock, valued at approximately $337,511,307.90. This represents a 1.58% 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.

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

• On Friday, November 6th, Matt Ehrlichman sold 19,452 shares of Porch Group stock. The stock was 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 shares were 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 shares were sold at an average price of $21.51, for a total value of $215,100.00.
• On Tuesday, October 6th, Matt Ehrlichman sold 26,135 shares of Porch Group stock. The stock was 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 transaction of $251,690.64.

Porch Group Stock Performance

PRCH stock opened at $19.73 on Friday. The stock’s 50 day simple moving average is $17.57 and its 200 day simple moving average is $12.32. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $21.96. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 13.21. The stock has a market capitalization of $2.60 billion, a PE ratio of 246.62 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last posted 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. The business had revenue of $143.86 million for the quarter, compared to analysts’ expectations of $134.65 million. Porch Group had a return on equity of 39.28% and a net margin of 1.81%. As a group, research analysts forecast that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

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

Wall Street Analyst Weigh In

Several brokerages recently commented on PRCH. Texas Capital upgraded Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Keefe, Bruyette & Woods upped their price target 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. B. Riley Financial lifted their price objective on shares of Porch Group from $21.00 to $24.00 and gave the company a “buy” rating in a research report on Wednesday, October 14th. Weiss Ratings raised shares of Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 21st. Finally, Zacks Research raised Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $20.79.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PRCH. BlackRock Inc. purchased a new position in shares of Porch Group in the second quarter worth $128,995,000. GC Wealth Management RIA LLC purchased a new position in shares of Porch Group in the first quarter worth $29,230,000. Park West Asset Management LLC acquired a new position in Porch Group in the second quarter valued at approximately $53,194,000. Jupiter Topco LLC acquired a new stake in shares of Porch Group in the second quarter worth approximately $21,979,000. Finally, Granahan Investment Management LLC lifted its holdings in Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after acquiring an additional 1,084,559 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

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.