Porch Group, Inc. (NASDAQ:PRCH) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been assigned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $18.7857.

Several equities analysts have recently commented on the company. Cantor Fitzgerald upped their price target on Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Benchmark boosted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price target on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Finally, B. Riley Financial upped their price objective on shares of Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 3rd.

Insider Activity at Porch Group

In related news, COO Matthew Neagle sold 62,344 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $609,724.32. Following the completion of the transaction, the chief operating officer directly owned 1,990,705 shares in the company, valued at $19,469,094.90. This trade represents a 3.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer directly owned 215,495 shares in the company, valued at approximately $3,493,173.95. The trade was a 10.40% 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. In the last 90 days, insiders have sold 661,430 shares of company stock worth $7,052,139. 27.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several large investors have recently bought and sold shares of the stock. Granahan Investment Management LLC boosted its stake in shares of Porch Group by 9.4% in the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after buying an additional 1,084,559 shares during the period. BlackRock Inc. acquired a new stake in Porch Group in the second quarter valued at approximately $128,995,000. Vanguard Group Inc. lifted its stake in Porch Group by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock worth $66,779,000 after acquiring an additional 62,073 shares during the last quarter. Park West Asset Management LLC grew its holdings in Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock worth $46,106,000 after acquiring an additional 2,867,084 shares in the last quarter. Finally, GC Wealth Management RIA LLC acquired a new position in Porch Group during the 1st quarter worth approximately $29,230,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Stock Performance

Porch Group stock opened at $15.85 on Friday. The firm has a 50 day simple moving average of $13.00 and a 200-day simple moving average of $9.92. Porch Group has a 1-year low of $6.36 and a 1-year high of $19.44. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of -132.08 and a beta of 3.15.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The firm had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, analysts expect that Porch Group will post -0.09 EPS for the current year.

Porch Group Company Profile

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.