Porch Group (NASDAQ:PRCH) COO Matthew Neagle Sells 62,344 Shares

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 62,344 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $609,724.32. Following the sale, the chief operating officer directly owned 1,990,705 shares in the company, valued at approximately $19,469,094.90. This represents a 3.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 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 Friday, May 15th, Matthew Neagle sold 59,983 shares of Porch Group stock. The shares were sold at an average price of $10.34, for a total transaction of $620,224.22.
• On Tuesday, May 12th, Matthew Neagle sold 63,650 shares of Porch Group stock. The stock was 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 stock was sold at an average price of $11.12, for a total transaction of $669,868.80.
• On Tuesday, May 5th, Matthew Neagle sold 60,802 shares of Porch Group stock. The stock was 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 transaction 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 stock was 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 stock was sold at an average price of $8.12, for a total transaction 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 transaction of $571,817.16.

Porch Group Price Performance

PRCH stock opened at $9.74 on Friday. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The business’s fifty day moving average price is $8.33 and its 200 day moving average price is $8.79. The company has a market capitalization of $1.24 billion, a PE ratio of -57.29 and a beta of 3.24. 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 (NASDAQ:PRCH) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The firm had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. On average, sell-side analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Porch Group by 95.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company’s stock worth $15,508,000 after purchasing an additional 450,560 shares during the last quarter. Vanguard Group Inc. grew its position in Porch Group by 5.6% during the 3rd quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company’s stock worth $121,691,000 after purchasing an additional 384,451 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in Porch Group by 68.9% during the 4th quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company’s stock worth $3,545,000 after purchasing an additional 158,368 shares during the last quarter. Tudor Investment Corp ET AL grew its position in Porch Group by 1,897.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 255,511 shares of the company’s stock worth $4,287,000 after purchasing an additional 242,722 shares during the last quarter. Finally, Algert Global LLC grew its position in Porch Group by 2,254.1% during the 3rd quarter. Algert Global LLC now owns 759,664 shares of the company’s stock worth $12,747,000 after purchasing an additional 727,394 shares during the last quarter. Hedge funds and other institutional investors 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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Benchmark increased their price objective on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Stephens began coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective on the stock. Keefe, Bruyette & Woods upgraded 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. Finally, Zacks Research raised shares of Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.