Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 116,303 Shares of Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 116,303 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $11.12, for a total value of $1,293,289.36. Following the sale, the chief executive officer directly owned 16,331,134 shares in the company, valued at approximately $181,602,210.08. The trade was a 0.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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, May 5th, Matt Ehrlichman sold 117,385 shares of Porch Group stock. The shares were sold at an average price of $10.43, for a total value of $1,224,325.55.
• On Friday, May 1st, Matt Ehrlichman sold 124,089 shares of Porch Group stock. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31.
• On Tuesday, April 28th, Matt Ehrlichman sold 115,642 shares of Porch Group stock. The shares were sold at an average price of $8.11, for a total value of $937,856.62.
• On Friday, April 24th, Matt Ehrlichman sold 123,518 shares of Porch Group stock. The stock was sold at an average price of $7.68, for a total value of $948,618.24.
• On Tuesday, April 21st, Matt Ehrlichman sold 121,242 shares of Porch Group stock. The stock was sold at an average price of $8.12, for a total value of $984,485.04.
• On Friday, April 17th, Matt Ehrlichman sold 113,862 shares of Porch Group stock. The stock was sold at an average price of $7.87, for a total value of $896,093.94.
• On Tuesday, April 14th, Matt Ehrlichman sold 145,882 shares of Porch Group stock. The shares were sold at an average price of $6.84, for a total value of $997,832.88.
• On Thursday, April 9th, Matt Ehrlichman sold 121,293 shares of Porch Group stock. The shares were sold at an average price of $7.15, for a total value of $867,244.95.
• On Tuesday, April 7th, Matt Ehrlichman sold 71,167 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total value of $511,690.73.
• On Thursday, April 2nd, Matt Ehrlichman sold 6,988 shares of Porch Group stock. The shares were sold at an average price of $6.98, for a total value of $48,776.24.

Porch Group Stock Down 1.9%

Shares of PRCH opened at $10.33 on Wednesday. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $19.44. The stock’s 50 day moving average is $8.05 and its two-hundred day moving average is $9.08. The firm has a market cap of $1.32 billion, a P/E ratio of -60.76 and a beta of 3.24.

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

Analyst Upgrades and Downgrades

PRCH has been the topic of several research analyst reports. Keefe, Bruyette & Woods raised Porch Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Benchmark lifted their price target on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Stephens began coverage on Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target on the stock. Finally, Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Eight 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.69.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. Invesco Ltd. boosted its stake in Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock worth $63,681,000 after buying an additional 3,103,018 shares during the last quarter. Park West Asset Management LLC raised its holdings in shares of Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after buying an additional 2,867,084 shares during the period. Granahan Investment Management LLC raised its holdings in shares of Porch Group by 20.3% in the 4th 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 during the period. Dimensional Fund Advisors LP raised its holdings in shares of Porch Group by 264.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company’s stock valued at $9,899,000 after buying an additional 786,583 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of Porch Group in the 3rd quarter valued at $12,747,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Company Profile

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.