Porch Group, Inc. (NASDAQ:PRCH) COO Sells $2,557,500.00 in Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 250,000 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.23, for a total transaction of $2,557,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,198,080 shares of the company’s stock, valued at $12,256,358.40. This trade represents a 17.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Monday, March 24th, Matthew Neagle sold 27,328 shares of Porch Group stock. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72.
• On Monday, March 17th, Matthew Neagle sold 60,000 shares of Porch Group stock. The shares were sold at an average price of $6.24, for a total value of $374,400.00.

Porch Group Stock Down 7.1%

Shares of PRCH opened at $10.02 on Friday. The stock has a market capitalization of $1.20 billion, a P/E ratio of -14.31 and a beta of 2.44. Porch Group, Inc. has a twelve month low of $1.05 and a twelve month high of $11.35. The company has a 50 day moving average of $6.67 and a 200-day moving average of $5.27.

Porch Group (NASDAQ:PRCH) last released its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to the consensus estimate of $79.44 million. On average, sell-side analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Granahan Investment Management LLC grew its holdings in shares of Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. grew its stake in Porch Group by 5.7% in the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock valued at $42,457,000 after purchasing an additional 312,370 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Porch Group by 84.6% in the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company’s stock valued at $23,389,000 after purchasing an additional 1,470,580 shares in the last quarter. Invesco Ltd. grew its stake in Porch Group by 72.2% in the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company’s stock valued at $21,114,000 after purchasing an additional 1,213,951 shares in the last quarter. Finally, Portolan Capital Management LLC grew its stake in Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after purchasing an additional 1,900,416 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Analysts Set New Price Targets

PRCH has been the subject of a number of research analyst reports. Loop Capital reissued a “buy” rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $6.00 to $7.00 and gave the company a “market perform” rating in a research report on Wednesday, May 7th. Stephens upped their price target on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Oppenheimer upped their price target on shares of Porch Group from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Wednesday, May 7th. Finally, Benchmark upped their target price on shares of Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Porch Group has an average rating of “Buy” and an average target price of $8.89.

Porch Group Company Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.