Insider Selling: Porch Group (NASDAQ:PRCH) CEO Sells $5,432,549.20 in Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 251,740 shares of the firm’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $21.58, for a total value of $5,432,549.20. Following the sale, the chief executive officer directly owned 15,640,005 shares of the company’s stock, valued at $337,511,307.90. This represents a 1.58% decrease in their position. The sale 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 transaction 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 transaction 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 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 Price Performance

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

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, October 28th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. The business had revenue of $143.86 million during the quarter, compared to the consensus estimate of $134.65 million. Equities analysts forecast that Porch Group, Inc. will post -0.01 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PRCH. Craig Hallum set a $25.00 price objective on Porch Group in a report on Thursday, October 29th. Texas Capital upgraded Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd. Weiss Ratings raised Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 21st. Benchmark lifted their price target on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Oppenheimer boosted their price target on Porch Group from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $20.79.

Porch Group News Summary

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

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP increased its stake in Porch Group by 5.7% during the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock worth $19,508,000 after acquiring an additional 70,139 shares during the period. Bank of America Corp DE acquired a new position in Porch Group in the 2nd quarter valued at $1,920,000. The Manufacturers Life Insurance Company acquired a new position in Porch Group in the 2nd quarter valued at $757,000. Legal & General Group Plc bought a new stake in shares of Porch Group during the 2nd quarter valued at $904,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Porch Group by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after acquiring an additional 455,817 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.