Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells 14,946 Shares of Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 14,946 shares of the business’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $16.84, for a total value of $251,690.64. Following the transaction, the chief executive officer owned 15,957,134 shares in the company, valued at approximately $268,718,136.56. This represents a 0.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, 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 value of $453,442.25.

Porch Group Stock Up 0.8%

Shares of PRCH stock traded up $0.14 during trading hours on Wednesday, reaching $17.31. The company had a trading volume of 2,030,450 shares, compared to its average volume of 1,714,197. The company has a market capitalization of $2.28 billion, a P/E ratio of -144.25 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, Inc. has a twelve month low of $6.36 and a twelve month high of $18.37. The stock’s fifty day simple moving average is $16.56 and its 200 day simple moving average is $12.60.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The firm had revenue of $131.81 million for the quarter, compared to analyst estimates 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, sell-side analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Porch Group during the second quarter worth about $128,995,000. GC Wealth Management RIA LLC bought a new stake in Porch Group in the first quarter valued at about $29,230,000. Park West Asset Management LLC bought a new stake in Porch Group in the second quarter valued at about $53,194,000. Granahan Investment Management LLC raised its stake in Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock valued at $105,821,000 after buying an additional 1,953,736 shares in the last quarter. Finally, Jupiter Topco LLC acquired a new stake in Porch Group during the second quarter valued at approximately $21,979,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PRCH. Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd. 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 note on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Finally, Cantor Fitzgerald raised their target price on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, September 25th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Porch Group presently has a consensus rating of “Moderate Buy” and an average price target 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.