Porch (NASDAQ:PRCH) stock is on the minds of traders today thanks to CEO Matt Ehrlichman agreeing to acquire more shares.
According to a filing with the U.S. Securities and Exchange Commission (SEC), Ehrlichman has agreed to acquire an additional $5 million worth of PRCH stock. The CEO will acquire these shares in open-market transactions.
Investors will note that Ehrlichman already has a large stake in the software company with his 18,539,878 shares. That gives him an 18% stake in Porch, which is also reflective of his voting power.
PRCH Shareholders Are Happy With Today’s News
And that makes sense. An executive buying shares in their company is a sign of confidence. Considering this purchase agreement comes from the CEO, and is for a large number of shares, it’s only natural investors would react well to the news.
We’re seeing that today with shares of PRCH stock experiencing heavy trading. As of this writing, more than 2.8 million shares of the stock have changed hands. That’s a massive leap over its daily average trading volume of about 1.9 million shares.
PRCH stock is up 24.3% as of Wednesday afternoon. Even so, the company’s shares are still down 88.2% since the start of the year.
Investors looking for more of the latest stock market news on Wednesday are in luck!
We have them covered with our deep dives into the most recent stock market news for today! A few examples of that include the news moving shares of Mullen Automotive (NASDAQ:MULN) and Apple (NASDAQ:AAPL) stock, as well as a look into the housing market. Let’s get into all of that news at the links below!
More Wednesday Stock Market News
- A $90 Million Catalyst Is Brewing for Mullen (MULN) Stock in 2023
- AAPL Stock Dips on Reports of Violent Foxconn Plant Protests
- Will the Housing Market Bounce Back in 2022?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.