Porch Group (NASDAQ:PRCH) CEO Matt Ehrlichman Sells 10,000 Shares of Company Stock

Porch Group, Inc. (NASDAQ:PRCH) CEO Matt Ehrlichman sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $21.51, for a total value of $215,100.00. Following the transaction, the chief executive officer directly owned 15,891,745 shares in the company, valued at $341,831,434.95. This trade represents a 0.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 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 shares were sold at an average price of $16.84, for a total transaction of $251,690.64.

Porch Group Trading Down 5.8%

PRCH traded down $1.25 during midday trading on Thursday, reaching $20.31. 1,945,882 shares of the company’s stock traded hands, compared to its average volume of 1,760,421. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $21.96. 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 firm has a fifty day moving average of $17.47 and a two-hundred day moving average of $12.20. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 253.87 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. The firm had revenue of $143.86 million for the quarter, compared to analyst estimates of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. On average, equities analysts anticipate that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Porch Group in the second quarter worth $128,995,000. Granahan Investment Management LLC raised its stake in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after purchasing an additional 1,084,559 shares in the last quarter. Park West Asset Management LLC bought a new position in Porch Group during the second quarter valued at $53,194,000. GC Wealth Management RIA LLC bought a new position in Porch Group during the first quarter valued at $29,230,000. Finally, Jupiter Topco LLC bought a new position in Porch Group during the second quarter valued at $21,979,000. Institutional investors own 48.48% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PRCH. Cantor Fitzgerald upped their price objective on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, September 25th. Benchmark raised their target price on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Craig Hallum set a $25.00 price target on Porch Group in a research note on Thursday, October 29th. Oppenheimer upped their price target on shares of Porch Group from $20.00 to $25.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Finally, Wall Street Zen upgraded shares of Porch Group from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Porch Group currently has a consensus rating of “Buy” and a consensus 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.