Porch Group (NASDAQ:PRCH) Hits New 12-Month High – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares hit a new 52-week high during mid-day trading on Tuesday. The stock traded as high as $18.41 and last traded at $18.1850, with a volume of 1,889,609 shares changing hands. The stock had previously closed at $17.65.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PRCH. Keefe, Bruyette & Woods raised their price target on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a report on Thursday, July 30th. Texas Capital raised Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd. Cantor Fitzgerald boosted their price objective on Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Craig Hallum upped their target price on shares of Porch Group from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, October 14th. Finally, Zacks Research upgraded shares of Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Porch Group presently has a consensus rating of “Buy” and an average target price of $19.64.

Porch Group Stock Up 2.3%

The business’s fifty day simple moving average is $17.06 and its 200 day simple moving average is $13.39. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The stock has a market cap of $2.45 billion, a price-to-earnings ratio of -154.92 and a beta of 3.18.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The company had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Equities analysts forecast that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, COO Matthew Neagle sold 40,625 shares of the firm’s stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $17.56, for a total transaction of $713,375.00. Following the transaction, the chief operating officer owned 1,824,256 shares in the company, valued at approximately $32,033,935.36. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shawn Tabak sold 6,690 shares of the business’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $116,071.50. Following the transaction, the chief financial officer owned 206,059 shares of the company’s stock, valued at $3,575,123.65. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 288,602 shares of company stock worth $4,881,718. Company insiders own 27.78% of the company’s stock.

Institutional Trading of Porch Group

A number of hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in Porch Group by 5.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 40,723 shares of the company’s stock worth $678,000 after purchasing an additional 1,981 shares in the last quarter. GAMMA Investing LLC raised its holdings in Porch Group by 6.6% during the 3rd quarter. GAMMA Investing LLC now owns 12,503 shares of the company’s stock worth $208,000 after buying an additional 778 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in Porch Group during the 2nd quarter worth approximately $138,000. NewEdge Advisors LLC bought a new position in Porch Group in the second quarter valued at approximately $198,000. Finally, Corient Private Wealth LP lifted its stake in Porch Group by 550.4% in the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock valued at $1,070,000 after buying an additional 60,212 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.