Porch Group (NASDAQ:PRCH) Hits New 1-Year High – Still a Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares hit a new 52-week high on Tuesday. The stock traded as high as $18.41 and last traded at $18.1850, with a volume of 1,889,609 shares. The stock had previously closed at $17.65.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PRCH. Benchmark upped their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Texas Capital raised shares of Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd. Cantor Fitzgerald increased their target price on Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, September 25th. Finally, Keefe, Bruyette & Woods increased their target price on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.64.

Porch Group Stock Performance

The stock has a market capitalization of $2.40 billion, a P/E ratio of -151.54 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 company has a 50-day moving average price of $16.96 and a two-hundred day moving average price of $13.24.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Equities analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Insider Activity

In other news, Director Amanda L. Reierson sold 33,135 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $545,402.10. Following the transaction, the director owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matt Ehrlichman sold 26,135 shares of the stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total value of $453,442.25. Following the completion of the sale, the chief executive officer owned 15,930,999 shares in the company, valued at $276,402,832.65. This trade represents a 0.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 242,977 shares of company stock valued at $4,078,593 in the last quarter. 27.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its holdings in Porch Group by 6.6% during the 3rd quarter. GAMMA Investing LLC now owns 12,503 shares of the company’s stock valued at $208,000 after purchasing an additional 778 shares during the period. Hsbc Holdings PLC lifted its holdings in Porch Group by 2.8% in the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock worth $587,000 after buying an additional 1,065 shares during the period. Moody National Bank Trust Division lifted its holdings in Porch Group by 0.3% in the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company’s stock worth $9,909,000 after buying an additional 1,700 shares during the period. State of Alaska Department of Revenue grew its position in shares of Porch Group by 5.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 40,723 shares of the company’s stock worth $678,000 after buying an additional 1,981 shares during the last quarter. Finally, Osbon Capital Management LLC bought a new stake in shares of Porch Group in the 2nd quarter worth approximately $40,000. 48.48% of the stock is currently 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.