Porch Group (NASDAQ:PRCH) COO Sells $823,000.00 in Stock

Porch Group, Inc. (NASDAQ:PRCH) COO Matthew Neagle sold 50,000 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $823,000.00. Following the completion of the sale, the chief operating officer owned 1,940,705 shares in the company, valued at approximately $31,944,004.30. This trade represents a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Porch Group Stock Down 1.0%

Shares of PRCH stock traded down $0.16 during trading hours on Wednesday, hitting $15.89. 1,483,638 shares of the company were exchanged, compared to its average volume of 1,717,530. The stock has a market capitalization of $2.09 billion, a price-to-earnings ratio of -132.42 and a beta of 3.17. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44. The business’s 50-day simple moving average is $15.57 and its two-hundred day simple moving average is $11.66. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The firm had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Sell-side analysts predict that Porch Group, Inc. will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On Porch Group

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Porch Group during the second quarter worth about $128,995,000. Granahan Investment Management LLC lifted its position in 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 purchasing an additional 1,953,736 shares during the last quarter. Park West Asset Management LLC bought a new stake in Porch Group in the 2nd quarter valued at about $53,194,000. GC Wealth Management RIA LLC acquired a new position in Porch Group during the 1st quarter valued at about $29,230,000. Finally, Jupiter Topco LLC acquired a new position in Porch Group during the 2nd quarter valued at about $21,979,000. 48.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PRCH shares. B. Riley Financial boosted their target price on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Benchmark raised their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Finally, Cantor Fitzgerald increased their price objective on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.42.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.