Insider Selling: Porch Group (NASDAQ:PRCH) COO Sells $669,868.80 in Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 60,240 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $11.12, for a total value of $669,868.80. Following the completion of the transaction, the chief operating officer owned 2,176,682 shares of the company’s stock, valued at $24,204,703.84. The trade was a 2.69% decrease in their position. The transaction was disclosed in a 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 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 transaction of $669,598.00.
• 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 transaction 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 transaction 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 transaction 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 transaction 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.
• On Thursday, April 9th, Matthew Neagle sold 62,827 shares of Porch Group stock. The stock was sold at an average price of $7.15, for a total value of $449,213.05.
• On Tuesday, April 7th, Matthew Neagle sold 28,825 shares of Porch Group stock. The shares were sold at an average price of $7.19, for a total value of $207,251.75.

Porch Group Stock Performance

Shares of PRCH stock opened at $10.43 on Friday. The stock has a fifty day moving average price of $8.14 and a 200 day moving average price of $8.99. The stock has a market cap of $1.33 billion, a PE ratio of -61.35 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 debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share 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. Sell-side analysts forecast that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Benchmark increased their price target 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 note on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, Keefe, Bruyette & Woods upgraded Porch Group from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average target price of $17.21.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. The Manufacturers Life Insurance Company grew its holdings in shares of Porch Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock worth $350,000 after buying an additional 1,090 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Porch Group by 1.5% during the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock valued at $1,349,000 after buying an additional 1,200 shares during the period. Prudential Financial Inc. boosted its position in Porch Group by 9.4% during the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock worth $168,000 after acquiring an additional 1,220 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in Porch Group by 956.3% during the third quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company’s stock worth $26,000 after acquiring an additional 1,377 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after acquiring an additional 1,499 shares during the period. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

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.