Porch Group, Inc. (NASDAQ:PRCH) Stock Has Consensus Price Target of $18.42

by · The Markets Daily

Porch Group, Inc. (NASDAQ:PRCH – Get Free Report) has been given an average rating of “Moderate Buy” by the eight research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $18.75.

PRCH has been the subject of a number of analyst reports. Benchmark upped their target price on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods lifted 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. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Cantor Fitzgerald raised their price objective on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Texas Capital upgraded Porch Group to a “strong-buy” rating in a research note on Tuesday.

Check Out Our Latest Analysis on Porch Group

Porch Group Trading Up 0.4%

PRCH 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. The stock’s 50 day moving average price is $15.93 and its 200-day moving average price is $12.10. 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.

Porch Group (NASDAQ:PRCH – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share (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. On average, equities analysts forecast that Porch Group will post -0.09 EPS for the current year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total value 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. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew Neagle sold 50,000 shares of Porch Group stock in a transaction that occurred on Monday, September 14th. The stock was 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 approximately $31,944,004.30. The trade was a 2.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety 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 large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Porch Group in the 2nd quarter worth $138,000. NewEdge Advisors LLC acquired a new stake in Porch Group in the second quarter worth about $198,000. Corient Private Wealth LP boosted its holdings in Porch Group by 550.4% in the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock worth $1,070,000 after acquiring an additional 60,212 shares in the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Porch Group by 10.2% during the second quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company’s stock worth $1,755,000 after acquiring an additional 10,812 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Porch Group by 2.8% during the second quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock valued at $587,000 after acquiring an additional 1,065 shares in the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Company Profile

(Get Free Report)

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.

Read More