Porch Group, Inc. (NASDAQ:PRCH) Receives $17.58 Average PT from Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have received a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $17.5833.

Several research firms have weighed in on PRCH. Benchmark boosted their target price on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Stephens initiated coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Porch Group in a research report on Friday, May 22nd.

Insider Transactions at Porch Group

In other news, COO Matthew Neagle sold 62,344 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 that occurred on Thursday, July 2nd. The stock was sold at an average price of $16.13, for a total value of $403,250.00. Following the sale, the chief financial officer directly owned 240,495 shares in the company, valued at approximately $3,879,184.35. The trade was a 9.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 2,213,386 shares of company stock valued at $20,332,837. Company insiders own 27.78% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRCH. GC Wealth Management RIA LLC acquired a new position in Porch Group during the first quarter worth about $29,230,000. Invesco Ltd. lifted its holdings in Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares during the last quarter. Park West Asset Management LLC lifted its holdings in Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after acquiring an additional 2,867,084 shares during the last quarter. Granahan Investment Management LLC boosted its position in shares of Porch Group by 20.3% during the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock valued at $105,821,000 after purchasing an additional 1,953,736 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Porch Group by 264.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company’s stock valued at $9,899,000 after purchasing an additional 786,583 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Porch Group Price Performance

PRCH stock opened at $14.85 on Wednesday. The firm has a market cap of $1.90 billion, a P/E ratio of -87.35 and a beta of 3.13. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28. Porch Group has a 1 year low of $6.36 and a 1 year high of $19.44. The stock has a 50-day simple moving average of $11.58 and a 200-day simple moving average of $9.27.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. On average, equities 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.