Porch Group (NASDAQ:PRCH) Stock Moved Up to Strong-Buy by Texas Capital

Texas Capital upgraded shares of Porch Group (NASDAQ:PRCH) to a strong-buy rating in a research note issued to investors on Tuesday morning,Zacks reports.

PRCH has been the topic of a number of other research reports. Cantor Fitzgerald raised their price target on Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. B. Riley Financial increased their price objective on shares of Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Benchmark upped their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $18.75.

Porch Group Stock Down 0.8%

NASDAQ PRCH opened at $16.47 on Tuesday. 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 company has a market cap of $2.17 billion, a price-to-earnings ratio of -137.25 and a beta of 3.17. The company has a 50 day moving average of $15.87 and a 200-day moving average of $12.07. Porch Group has a 1-year low of $6.36 and a 1-year high of $18.37.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. The business had revenue of $131.81 million for the quarter, compared to the consensus estimate 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, equities research analysts expect that Porch Group will post -0.09 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In related news, COO Matthew Neagle sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $823,000.00. Following the completion of the transaction, the chief operating officer directly owned 1,940,705 shares in the company, valued at $31,944,004.30. This represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda L. Reierson sold 33,135 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the transaction, the director directly owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. The trade was a 19.80% 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. Over the last 90 days, insiders sold 133,135 shares of company stock valued at $2,176,902. 27.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Thompson Siegel & Walmsley LLC raised its position in Porch Group by 360.9% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock worth $5,886,000 after purchasing an additional 504,803 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after acquiring an additional 455,817 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in Porch Group in the first quarter valued at approximately $1,015,000. Zazove Associates LLC bought a new position in Porch Group during the 1st quarter worth approximately $759,000. Finally, BlackRock Inc. acquired a new position in shares of Porch Group in the 2nd quarter worth approximately $128,995,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.