Key Points
- Porch Group COO Matthew Neagle sold 40,625 shares at an average price of $16.69, generating $678,031.25. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his direct holdings by 2.09% to 1.9 million shares.
- Porch Group shares opened at $17.35, near their 12-month high of $18.37, and were up 0.2%. The company recently exceeded quarterly earnings and revenue expectations, though it continues to report negative net margin and return on equity.
- Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $18.75. Institutional investors own 48.48% of the company.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) COO Matthew Neagle sold 40,625 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $16.69, for a total transaction of $678,031.25. Following the sale, the chief operating officer directly owned 1,900,080 shares of the company's stock, valued at $31,712,335.20. The trade was a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Matthew Neagle also recently made the following trade(s):
- On Monday, September 14th, Matthew Neagle sold 50,000 shares of Porch Group stock. The stock was sold at an average price of $16.46, for a total transaction of $823,000.00.
Porch Group Stock Up 0.2%
Shares of PRCH stock opened at $17.35 on Tuesday. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $18.37. The stock has a market cap of $2.29 billion, a P/E ratio of -144.58 and a beta of 3.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The company has a 50 day simple moving average of $16.47 and a two-hundred day simple moving average of $12.53.
Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The business had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. On average, research analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.
Institutional Investors Weigh In On Porch Group
Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Porch Group in the 2nd quarter worth approximately $128,995,000. Granahan Investment Management LLC boosted its stake 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 worth $105,821,000 after purchasing an additional 1,953,736 shares during the period. Park West Asset Management LLC purchased a new stake in Porch Group during the 2nd quarter valued at approximately $53,194,000. GC Wealth Management RIA LLC bought a new stake in shares of Porch Group during the first quarter valued at approximately $29,230,000. Finally, Jupiter Topco LLC bought a new stake in shares of Porch Group during the second quarter valued at approximately $21,979,000. 48.48% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research firms have recently commented on PRCH. Texas Capital raised Porch Group to a "strong-buy" rating in a research note on Tuesday, September 22nd. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research note 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. Benchmark raised 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. Finally, B. Riley Financial lifted their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.75.
View Our Latest Report on Porch Group
About Porch Group
(
Get Free Report)
Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.
Porch Group's products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.
Further Reading
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