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 rating of “Moderate Buy” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $18.75.

A number of brokerages have commented on PRCH. Texas Capital raised Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Cantor Fitzgerald increased their price objective on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday. Benchmark boosted their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research 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 boosted their price target 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.

Insider Buying and Selling at Porch Group

In related news, COO Matthew Neagle sold 50,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $31,944,004.30. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda L. Reierson sold 33,135 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $545,402.10. Following the completion of the sale, the director directly owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. This trade represents 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 quarter, insiders sold 133,135 shares of company stock worth $2,176,902. 27.78% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Porch Group during the second quarter worth about $128,995,000. Granahan Investment Management LLC lifted its position in shares of Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. Park West Asset Management LLC acquired a new position in Porch Group in the second quarter worth $53,194,000. GC Wealth Management RIA LLC bought a new stake in shares of Porch Group in the 1st quarter worth approximately $29,230,000. Finally, Jupiter Topco LLC acquired a new position in Porch Group during the 2nd quarter valued at about $21,979,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Price Performance

Shares of Porch Group stock opened at $16.53 on Monday. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. Porch Group has a one year low of $6.36 and a one year high of $18.37. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -137.75 and a beta of 3.17. The stock has a 50 day moving average price of $15.93 and a 200-day moving average price of $12.13.

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

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.