Porch Group (NASDAQ:PRCH) Stock Rating Lowered by Keefe, Bruyette & Woods

Porch Group (NASDAQ:PRCH) was downgraded by analysts at Keefe, Bruyette & Woods from a “moderate buy” rating to a “hold” rating in a note issued to investors on Sunday,Zacks.com reports.

PRCH has been the topic of several other reports. Benchmark upped their price target on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Stephens initiated coverage on shares of Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Porch Group in a research report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.54.

Porch Group Price Performance

PRCH stock opened at $13.41 on Friday. The stock’s 50 day moving average is $11.65 and its two-hundred day moving average is $9.31. Porch Group has a 52-week low of $6.36 and a 52-week high of $19.44. The company has a market capitalization of $1.71 billion, a PE ratio of -78.88 and a beta of 3.13. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87.

Porch Group (NASDAQ:PRCH) last released its earnings results 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 return on equity of 115.59% and a negative net margin of 3.41%.The company had revenue of $109.44 million during the quarter, compared to analysts’ expectations of $94.72 million. Analysts predict that Porch Group will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Porch Group news, CEO Matt Ehrlichman sold 120,368 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the completion of the sale, the chief executive officer owned 15,972,080 shares in the company, valued at $156,206,942.40. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $16.13, for a total transaction of $403,250.00. Following the sale, the chief financial officer directly owned 240,495 shares in the company, valued at $3,879,184.35. This trade represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,966,208 shares of company stock worth $18,642,140. 27.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRCH. The Manufacturers Life Insurance Company raised its stake in Porch Group by 3.8% during the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock worth $350,000 after acquiring an additional 1,090 shares during the period. Alliancebernstein L.P. lifted its holdings in Porch Group by 1.5% in the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock worth $1,349,000 after acquiring an additional 1,200 shares during the last quarter. Prudential Financial Inc. boosted its stake in Porch Group by 9.4% in the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock valued at $168,000 after acquiring an additional 1,220 shares during the period. Aster Capital Management DIFC Ltd boosted its stake in Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock valued at $27,000 after acquiring an additional 1,481 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Porch Group by 444.8% during 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 last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

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.