Keefe, Bruyette & Woods Reaffirms Market Perform Rating for Porch Group (NASDAQ:PRCH)

Porch Group (NASDAQ:PRCH)‘s stock had its “market perform” rating restated by analysts at Keefe, Bruyette & Woods in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $16.25 price target on the stock, up from their previous price target of $13.00. Keefe, Bruyette & Woods’ price objective points to a potential upside of 9.43% from the company’s current price.

PRCH has been the subject of a number of other research reports. Benchmark lifted their price target 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Porch Group in a research report on Friday, May 22nd. Finally, Stephens began coverage on Porch Group in a report on Monday, May 4th. They issued an “overweight” rating and a $12.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.54.

Porch Group Price Performance

PRCH stock opened at $14.85 on Monday. The business’s fifty day moving average price is $11.58 and its 200 day moving average price is $9.27. Porch Group has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87. The company has a market capitalization of $1.90 billion, a PE ratio of -87.35 and a beta of 3.13.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The company had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. On average, sell-side analysts anticipate that Porch Group will post -0.04 EPS for the current year.

Insider Activity at Porch Group

In other news, CEO Matt Ehrlichman sold 145,882 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $6.84, for a total transaction of $997,832.88. Following the completion of the sale, the chief executive officer owned 17,163,175 shares in the company, valued at $117,396,117. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 2,213,386 shares of company stock valued at $20,332,837. Insiders own 27.78% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Osbon Capital Management LLC purchased a new position in Porch Group in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd lifted its holdings in shares of Porch Group by 97.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock worth $27,000 after acquiring an additional 1,481 shares during the period. Larson Financial Group LLC grew its holdings in Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock valued at $31,000 after purchasing an additional 1,499 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of Porch Group in the 4th quarter valued at $38,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Porch Group by 697.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock worth $67,000 after buying an additional 8,213 shares during the period. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.