Porch Group (NASDAQ:PRCH) Director Sells $210,000.00 in Stock

Porch Group, Inc. (NASDAQ:PRCH) Director Alan Pickerill sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $21.00, for a total value of $210,000.00. Following the transaction, the director owned 193,356 shares in the company, valued at $4,060,476. This represents a 4.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Porch Group Stock Down 2.9%

Shares of PRCH opened at $19.73 on Friday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 13.21. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $21.96. The stock’s 50 day moving average is $17.57 and its two-hundred day moving average is $12.32. The firm has a market cap of $2.60 billion, a P/E ratio of 246.62 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.09. Porch Group had a return on equity of 39.28% and a net margin of 1.81%. The firm had revenue of $143.86 million for the quarter, compared to analyst estimates of $134.65 million. Analysts predict 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 institutional investors and hedge funds have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its holdings in shares of Porch Group by 122.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 605,152 shares of the company’s stock worth $10,082,000 after purchasing an additional 332,985 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Porch Group by 83.9% in the third quarter. Fifth Third Bancorp now owns 242,189 shares of the company’s stock valued at $4,035,000 after purchasing an additional 110,493 shares during the last quarter. Jefferies Financial Group Inc. increased its holdings in shares of Porch Group by 319.3% in the third quarter. Jefferies Financial Group Inc. now owns 113,448 shares of the company’s stock valued at $1,890,000 after purchasing an additional 86,394 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Porch Group by 31.2% in the third quarter. Pictet Asset Management Holding SA now owns 14,315 shares of the company’s stock valued at $238,000 after purchasing an additional 3,406 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new stake in shares of Porch Group in the third quarter valued at approximately $378,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PRCH shares. Cantor Fitzgerald increased their price objective on shares of Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Oppenheimer lifted their target price 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. Benchmark boosted their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. B. Riley Financial upped their price target on shares of Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, October 14th. Finally, Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Porch Group currently has an average rating of “Buy” and an average price target of $20.79.

Key Stories Impacting Porch Group

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: A bullish investment commentary says Porch’s homeowner relationships and property data could support growth in insurance-related fee income. It points to the planned Allied Trust acquisition as a potential source of additional customers and distribution relationships. Porch Group: Home Insurance Growth Story
• Negative Sentiment: CEO Matt Ehrlichman sold 465,955 shares in transactions from November 4–6, while COO Matthew Neagle sold 56,250 shares and Director Alan Pickerill sold 10,000 shares. Repeated sales by senior leaders may weigh on investor sentiment. The CEO’s and COO’s trades were made under pre-arranged Rule 10b5-1 plans, and Ehrlichman still owns more than 15.4 million shares, which may temper the signal. CEO SEC filing COO sale report Director sale report

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.