Key Points
- Porch Group CEO Matt Ehrlichman sold 194,763 shares for about $3.97 million at an average price of $20.40. The sale was made under a pre-arranged Rule 10b5-1 plan; he retained approximately 15.45 million shares.
- Ehrlichman sold a total of 465,955 shares in transactions from November 4–6, according to the article. The repeated insider sales could affect investor sentiment, though he continues to hold a substantial stake.
- Porch Group reported quarterly earnings of $0.10 per share, beating the $0.01 consensus estimate, and revenue of $143.86 million versus analysts’ $134.65 million estimate. Analysts’ consensus rating was Buy, with a $20.79 price target.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 19,452 shares of the business's stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $20.17, for a total value of $392,346.84. Following the sale, the chief executive officer owned 15,425,790 shares of the company's stock, valued at $311,138,184.30. The trade was a 0.13% decrease in their position. The sale was disclosed in a document filed 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 Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The shares were sold at an average price of $20.40, for a total value of $3,973,165.20.
- On Wednesday, November 4th, Matt Ehrlichman sold 251,740 shares of Porch Group stock. The shares were sold at an average price of $21.58, for a total transaction of $5,432,549.20.
- On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The stock was sold at an average price of $21.51, for a total value of $215,100.00.
- 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 value of $453,442.25.
- On Monday, October 5th, Matt Ehrlichman sold 14,946 shares of Porch Group stock. The stock was sold at an average price of $16.84, for a total transaction of $251,690.64.
Porch Group Trading Down 2.9%
Shares of PRCH opened at $19.73 on Friday. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $21.96. The company has a market capitalization of $2.60 billion, a P/E ratio of 246.62 and a beta of 3.16. 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's 50 day simple moving average is $17.57 and its 200 day simple moving average is $12.32.
Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.09. Porch Group had a return on equity of 39.28% and a net margin of 1.81%. The business had revenue of $143.86 million during the quarter, compared to the consensus estimate of $134.65 million. Sell-side analysts forecast that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.
Trending Headlines about 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
Analyst Ratings Changes
PRCH has been the subject of several recent research reports. Weiss Ratings upgraded shares of Porch Group from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, October 21st. Benchmark upped their target price on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Craig Hallum set a $25.00 price target on Porch Group in a report on Thursday, October 29th. Keefe, Bruyette & Woods boosted their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a report on Thursday, July 30th. Finally, Texas Capital raised shares of Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $20.79.
Read Our Latest Stock Report on Porch Group
Institutional Investors Weigh In On Porch Group
Several institutional investors have recently bought and sold shares of PRCH. Wellington Management Group LLP raised its position in Porch Group by 5.7% in the 2nd quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company's stock worth $19,508,000 after purchasing an additional 70,139 shares during the period. Bank of America Corp DE purchased a new position in shares of Porch Group in the second quarter worth $1,920,000. Legal & General Group Plc acquired a new position in Porch Group in the second quarter valued at approximately $904,000. Dimensional Fund Advisors LP increased its holdings in Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company's stock valued at $11,040,000 after buying an additional 455,817 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in Porch Group during the 2nd quarter worth $757,000. Institutional investors own 48.48% of the company's stock.
Porch Group Company Profile
(
Get Free Report)
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.
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