Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Zacks Research

Porch Group (NASDAQ:PRCH) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks reports.

Several other brokerages have also recently weighed in on PRCH. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Benchmark boosted their price objective on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Cantor Fitzgerald lifted their price target on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Craig Hallum boosted their price target on shares of Porch Group from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, B. Riley Financial raised their target price on Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average target price of $19.64.

Porch Group Trading Down 0.4%

Shares of Porch Group stock traded down $0.07 during trading on Thursday, reaching $17.50. 1,964,048 shares of the company were exchanged, compared to its average volume of 1,670,338. Porch Group has a twelve month low of $6.36 and a twelve month high of $18.37. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -145.83 and a beta of 3.18. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The business has a 50-day moving average price of $16.92 and a 200-day moving average price of $13.12.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Sell-side analysts anticipate that Porch Group will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Porch Group news, CEO Matt Ehrlichman sold 26,135 shares of the firm’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total value of $453,442.25. Following the completion of the transaction, the chief executive officer directly owned 15,930,999 shares of the company’s stock, valued at $276,402,832.65. This trade represents a 0.16% decrease in their position. The sale 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 Porch Group stock in a transaction on 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 of the company’s stock, valued at $3,493,173.95. This represents a 10.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 242,977 shares of company stock worth $4,078,593 in the last three months. Insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in shares of Porch Group by 5.7% during the second quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock valued at $19,508,000 after purchasing an additional 70,139 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Porch Group during the second quarter valued at $1,920,000. Legal & General Group Plc bought a new stake in shares of Porch Group in the second quarter worth approximately $904,000. Dimensional Fund Advisors LP grew its stake in shares of Porch Group by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after purchasing an additional 455,817 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Porch Group during the 1st quarter valued at about $1,015,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.