Porch Group (NASDAQ:PRCH) Downgraded to “Hold” Rating by Keefe, Bruyette & Woods

by · The Markets Daily

Keefe, Bruyette & Woods cut shares of Porch Group (NASDAQ:PRCH – Free Report) from a moderate buy rating to a hold rating in a research report report published on Sunday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on PRCH. 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 target price for the company. Benchmark raised their target price on shares of Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Porch Group in a report on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.54.

View Our Latest Analysis on Porch Group

Porch Group Price Performance

Shares of PRCH stock opened at $13.41 on Friday. Porch Group has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of -78.88 and a beta of 3.13. The firm has a fifty day moving average of $11.65 and a 200-day moving average of $9.31.

Porch Group (NASDAQ:PRCH – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The business had revenue of $109.44 million for the quarter, compared to analysts’ expectations of $94.72 million. On average, equities research analysts forecast that Porch Group will post -0.04 earnings per share for the current year.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer owned 240,495 shares in the company, valued at approximately $3,879,184.35. This trade represents a 9.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matt Ehrlichman sold 120,368 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $1,177,199.04. Following the sale, the chief executive officer owned 15,972,080 shares of the company’s stock, valued at $156,206,942.40. The trade was a 0.75% 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. In the last three months, insiders have sold 1,966,208 shares of company stock valued at $18,642,140. 27.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PRCH. AQR Capital Management LLC lifted its stake in shares of Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after acquiring an additional 130,166 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Porch Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after purchasing an additional 2,002 shares during the period. Goldman Sachs Group Inc. raised its holdings in Porch Group by 2.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after purchasing an additional 26,119 shares during the last quarter. Creative Planning bought a new position in Porch Group during the 2nd quarter worth approximately $136,000. Finally, Legal & General Group Plc lifted its position in shares of Porch Group by 1,203.8% in the 2nd quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock worth $1,282,000 after purchasing an additional 100,417 shares during the period. 48.48% of the stock is owned by institutional investors.

Porch Group Company Profile

(Get Free Report)

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.

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