Porch Group (NASDAQ:PRCH) Upgraded at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Porch Group (NASDAQ:PRCH) from a market perform rating to an outperform rating in a research note published on Wednesday morning, Marketbeat Ratings reports. Keefe, Bruyette & Woods currently has $10.50 price target on the stock, down from their prior price target of $13.00.

A number of other equities research analysts have also commented on PRCH. Oppenheimer set a $20.00 price target on Porch Group in a research report on Thursday, November 6th. Benchmark restated a “buy” rating on shares of Porch Group in a report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Porch Group in a report on Monday, December 29th. Zacks Research downgraded shares of Porch Group from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Finally, B. Riley Financial reissued a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Eight analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.31.

Porch Group Stock Down 2.1%

PRCH opened at $8.36 on Wednesday. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -167.20 and a beta of 3.08. The company has a debt-to-equity ratio of 36.18, a quick ratio of 1.33 and a current ratio of 1.33. The firm’s 50-day simple moving average is $8.69 and its 200-day simple moving average is $12.57. Porch Group has a twelve month low of $3.72 and a twelve month high of $19.44.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, February 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05. The firm had revenue of $112.25 million during the quarter, compared to the consensus estimate of $109.13 million. Porch Group had a negative net margin of 0.72% and a negative return on equity of 51.86%. Equities research analysts anticipate that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 24,294 shares of the business’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $9.66, for a total value of $234,680.04. Following the completion of the transaction, the chief financial officer owned 118,130 shares of the company’s stock, valued at $1,141,135.80. The trade was a 17.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last 90 days, insiders have sold 57,216 shares of company stock valued at $553,129. Company insiders own 23.32% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Alpha Wave Global LP grew its stake in shares of Porch Group by 0.9% in the fourth quarter. Alpha Wave Global LP now owns 286,797 shares of the company’s stock valued at $2,618,000 after buying an additional 2,637 shares in the last quarter. First Trust Advisors LP acquired a new stake in Porch Group in the fourth quarter valued at $3,109,000. State Street Corp grew its position in shares of Porch Group by 8.7% in the 4th quarter. State Street Corp now owns 2,220,891 shares of the company’s stock valued at $20,277,000 after acquiring an additional 177,707 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Porch Group by 406.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 371,106 shares of the company’s stock worth $3,388,000 after purchasing an additional 297,806 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Porch Group by 420.4% in the 4th quarter. Wells Fargo & Company MN now owns 607,588 shares of the company’s stock valued at $5,547,000 after purchasing an additional 490,825 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.