Key Points
- Porch Group CEO Matt Ehrlichman sold 109,043 shares for about $2.20 million at an average price of $20.15, under a pre-arranged Rule 10b5-1 plan. He retained 15.3 million shares; the sale reduced his position by 0.71%.
- Ehrlichman also reported several other stock sales in early November, including sales of 251,740 shares on November 4 and 194,763 shares on November 5.
- Porch Group’s latest quarterly results beat estimates: EPS was $0.10 versus a $0.01 consensus, and revenue reached $143.86 million versus $134.65 million expected. Analysts’ average rating was “Buy,” with an average price target of $20.79.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) CEO Matt Ehrlichman sold 109,043 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $20.15, for a total value of $2,197,216.45. Following the completion of the sale, the chief executive officer directly owned 15,316,747 shares in the company, valued at $308,632,452.05. This trade represents a 0.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Matt Ehrlichman also recently made the following trade(s):
- On Friday, November 6th, Matt Ehrlichman sold 19,452 shares of Porch Group stock. The stock was sold at an average price of $20.17, for a total value of $392,346.84.
- On Thursday, November 5th, Matt Ehrlichman sold 194,763 shares of Porch Group stock. The stock was 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 stock was sold at an average price of $21.58, for a total value of $5,432,549.20.
- On Tuesday, November 3rd, Matt Ehrlichman sold 10,000 shares of Porch Group stock. The shares were 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 shares were 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 Up 6.3%
Shares of Porch Group stock opened at $21.95 on Wednesday. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $22.36. The company's fifty day simple moving average is $17.74 and its 200-day simple moving average is $12.45. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 274.38 and a beta of 3.16. 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 (NASDAQ:PRCH - Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.01 by $0.09. The firm had revenue of $143.86 million during the quarter, compared to analysts' expectations of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.01 EPS for the current year.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the stock. Texas Capital upgraded shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd. Benchmark increased their target price on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Zacks Research upgraded shares of Porch Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 15th. Cantor Fitzgerald lifted their target price on Porch Group from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, September 25th. Finally, Craig Hallum set a $25.00 target price on Porch Group in a research report on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $20.79.
Read Our Latest Report on PRCH
Institutional Trading of Porch Group
A number of institutional investors and hedge funds have recently modified their holdings of the company. Boston Partners raised its stake in shares of Porch Group by 243.6% in the third quarter. Boston Partners now owns 162,077 shares of the company's stock valued at $2,700,000 after purchasing an additional 114,902 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Porch Group by 122.3% during the third quarter. Russell Investments Group Ltd. now owns 605,152 shares of the company's stock worth $10,082,000 after buying an additional 332,985 shares in the last quarter. Fifth Third Bancorp boosted its stake in Porch Group by 83.9% during the third quarter. Fifth Third Bancorp now owns 242,189 shares of the company's stock worth $4,035,000 after buying an additional 110,493 shares in the last quarter. Jefferies Financial Group Inc. boosted its stake in Porch Group by 319.3% during the third quarter. Jefferies Financial Group Inc. now owns 113,448 shares of the company's stock worth $1,890,000 after buying an additional 86,394 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in Porch Group by 31.2% during the third quarter. Pictet Asset Management Holding SA now owns 14,315 shares of the company's stock worth $238,000 after buying an additional 3,406 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors.
About Porch Group
(
Get Free Report)
Porch Group, Inc. is a technology company that provides software and services for the homeownership market. Its platform serves home-service professionals and related businesses, including home inspectors, and offers tools for managing operations, customer relationships, scheduling and business growth. The company also provides insurance products and services for homeowners and works with real estate and mortgage professionals. Its offerings include software for home inspectors and mortgage companies, alongside insurance capabilities that support customers through the homebuying and homeownership process.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
