Porch Group, Inc. (NASDAQ:PRCH) Receives Average Rating of “Moderate Buy” from Brokerages

Porch Group, Inc. (NASDAQ:PRCH) has been assigned a consensus rating of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and seven have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $17.5833.

A number of research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Porch Group in a report on Friday, May 22nd. Stephens initiated coverage on Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 price target for the company. Finally, Benchmark increased their price target on Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th.

Insider Transactions at Porch Group

In related news, CEO Matt Ehrlichman sold 120,368 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the transaction, the chief executive officer directly owned 15,972,080 shares in the company, valued at approximately $156,206,942.40. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 25,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $16.13, for a total transaction of $403,250.00. Following the transaction, the chief financial officer owned 240,495 shares in the company, valued at approximately $3,879,184.35. This trade represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 2,405,240 shares of company stock worth $21,704,593 in the last quarter. 27.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds have recently modified their holdings of PRCH. The Manufacturers Life Insurance Company boosted its stake in shares of Porch Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock worth $350,000 after buying an additional 1,090 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Porch Group by 1.5% during the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock valued at $1,349,000 after acquiring an additional 1,200 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Porch Group by 9.4% during the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock valued at $168,000 after acquiring an additional 1,220 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its holdings in Porch Group by 97.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock worth $27,000 after acquiring an additional 1,481 shares during the period. Finally, Larson Financial Group LLC boosted its position in Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after purchasing an additional 1,499 shares during the last quarter. Institutional investors own 48.48% of the company’s stock.

Porch Group Trading Down 1.3%

PRCH opened at $14.68 on Wednesday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. Porch Group has a fifty-two week low of $6.36 and a fifty-two week high of $19.44. The firm has a market capitalization of $1.87 billion, a PE ratio of -86.35 and a beta of 3.13. The company’s 50-day moving average is $11.21 and its 200 day moving average is $9.15.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The business had revenue of $109.44 million during the quarter, compared to the consensus estimate of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. As a group, research analysts predict that Porch Group will post -0.04 earnings per share for the current fiscal year.

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.