Porch Group (NASDAQ:PRCH) Stock: Insider Matt Ehrlichman Sells 19,452 Shares

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 19,452 shares of the business’s stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $20.17, for a total transaction of $392,346.84. Following the completion of the sale, the chief executive officer directly owned 15,425,790 shares of the company’s stock, valued at $311,138,184.30. This represents a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 transaction of $3,973,165.20.
• On Wednesday, November 4th, Matt Ehrlichman sold 251,740 shares of Porch Group stock. The shares were sold at an average price of $21.58, for a total transaction of $5,432,549.20.
• 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 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 Trading Down 2.9%

Porch Group stock opened at $19.73 on Friday. Porch Group, Inc. has a one year low of $6.36 and a one year high of $21.96. The company’s fifty day moving average price is $17.57 and its two-hundred day moving average price 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 company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 246.62 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.09. The company had revenue of $143.86 million during 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%. On average, analysts forecast that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Porch Group

Large investors have recently made changes to their positions in the business. Osbon Capital Management LLC acquired a new stake in Porch Group in the 2nd quarter valued at approximately $40,000. State of Wyoming acquired a new position in shares of Porch Group during the second quarter worth approximately $64,000. Persistent Asset Partners Ltd acquired a new position in shares of Porch Group during the second quarter worth approximately $103,000. Integrated Wealth Concepts LLC acquired a new position in shares of Porch Group during the second quarter worth approximately $138,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Porch Group by 697.8% in the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after acquiring an additional 8,213 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

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

Analysts Set New Price Targets

Several equities analysts have commented on PRCH shares. Oppenheimer increased their price target on Porch Group from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Cantor Fitzgerald boosted their price objective on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, September 25th. Craig Hallum set a $25.00 price objective on shares of Porch Group in a research note on Thursday, October 29th. 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, B. Riley Financial raised their target price on shares of Porch Group from $21.00 to $24.00 and gave the company a “buy” rating in a research note on Wednesday, October 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Porch Group presently has a consensus rating of “Buy” and an average target price of $20.79.

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.