Insider Selling: Porch Group (NASDAQ:PRCH) COO Sells $620,224.22 in Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 59,983 shares of Porch Group stock in a transaction on Friday, May 15th. The shares were sold at an average price of $10.34, for a total value of $620,224.22. Following the transaction, the chief operating officer owned 2,053,049 shares in the company, valued at $21,228,526.66. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Wednesday, May 20th, Matthew Neagle sold 62,344 shares of Porch Group stock. The shares were sold at an average price of $9.78, for a total value of $609,724.32.
• On Tuesday, May 12th, Matthew Neagle sold 63,650 shares of Porch Group stock. The shares were sold at an average price of $10.52, for a total value of $669,598.00.
• On Friday, May 8th, Matthew Neagle sold 60,240 shares of Porch Group stock. The shares were sold at an average price of $11.12, for a total value of $669,868.80.
• On Tuesday, May 5th, Matthew Neagle sold 60,802 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total value of $634,164.86.
• On Friday, May 1st, Matthew Neagle sold 64,274 shares of Porch Group stock. The shares were sold at an average price of $9.79, for a total value of $629,242.46.
• On Tuesday, April 28th, Matthew Neagle sold 59,901 shares of Porch Group stock. The shares were sold at an average price of $8.11, for a total value of $485,797.11.
• On Friday, April 24th, Matthew Neagle sold 63,979 shares of Porch Group stock. The shares were sold at an average price of $7.68, for a total value of $491,358.72.
• On Tuesday, April 21st, Matthew Neagle sold 62,801 shares of Porch Group stock. The shares were sold at an average price of $8.12, for a total value of $509,944.12.
• On Friday, April 17th, Matthew Neagle sold 58,978 shares of Porch Group stock. The shares were sold at an average price of $7.87, for a total value of $464,156.86.
• On Tuesday, April 14th, Matthew Neagle sold 83,599 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total value of $571,817.16.

Porch Group Price Performance

PRCH opened at $9.74 on Friday. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -57.29 and a beta of 3.24. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock has a fifty day moving average price of $8.33 and a 200 day moving average price of $8.79.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The firm had revenue of $109.44 million during the quarter, compared to analysts’ expectations of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. Analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Porch Group

Several large investors have recently made changes to their positions in PRCH. GC Wealth Management RIA LLC acquired a new position in shares of Porch Group during the 1st quarter worth about $29,230,000. Invesco Ltd. lifted its position in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock worth $63,681,000 after purchasing an additional 3,103,018 shares during the last quarter. Park West Asset Management LLC lifted its position in shares of Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock worth $46,106,000 after purchasing an additional 2,867,084 shares during the last quarter. Granahan Investment Management LLC lifted its position in shares of Porch Group by 20.3% during the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Porch Group by 264.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company’s stock worth $9,899,000 after purchasing an additional 786,583 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group News Summary

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: Porch Group said Homeowners of America launched homeowners insurance in Michigan, expanding its insurance footprint to a 22nd state and supporting its strategy to grow premium volume and cash flow over time. Porch Group Launches Insurance in Michigan
• Positive Sentiment: Recent quarterly results were stronger than expected, with Porch Group posting a smaller-than-expected loss and revenue well above analyst estimates, which may continue to support sentiment.
• Neutral Sentiment: Several institutions increased their holdings in the latest quarter, suggesting some professional investors remain constructive on the stock’s longer-term outlook.
• Negative Sentiment: CEO Matt Ehrlichman, COO Matthew Neagle, and CFO Shawn Tabak all sold shares this week, adding to a recent pattern of insider sales. The company said these transactions were tied to tax withholding from equity vesting, which reduces concern, but the volume of sales may still weigh on investor sentiment. Matt Ehrlichman insider sale

Wall Street Analyst Weigh In

A number of analysts have weighed in on PRCH shares. Keefe, Bruyette & Woods raised Porch Group from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Benchmark boosted their price target on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Finally, Stephens started coverage on Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target for the company. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $17.21.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.