Porch Group (NASDAQ:PRCH) Stock Falls 7.3% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) shares dropped 7.3% on Wednesday. The company traded as low as $16.42 and last traded at $16.3680. Approximately 1,427,639 shares changed hands during trading, a decline of 16% from the average daily volume of 1,704,888 shares. The stock had previously closed at $17.66.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. B. Riley Financial upped their target price on Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, October 14th. Keefe, Bruyette & Woods raised their target price on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Cantor Fitzgerald lifted their price target on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, September 25th. Craig Hallum upped their price target on Porch Group from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, Zacks Research upgraded Porch Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $19.64.

Porch Group Price Performance

The business’s 50 day moving average price is $17.09 and its 200 day moving average price is $11.88. The stock has a market capitalization of $2.16 billion, a P/E ratio of -136.77 and a beta of 3.18. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. The business had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Sell-side analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current year.

Insider Buying and Selling

In related news, Director Amanda Reierson sold 33,135 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the transaction, the director directly owned 134,180 shares in the company, valued at approximately $2,208,602.80. The trade was a 19.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shawn Tabak sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. The trade was a 10.40% 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. Insiders have sold a total of 327,270 shares of company stock valued at $5,577,906 over the last three months. 27.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. State of Alaska Department of Revenue grew its stake 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 in the last quarter. GAMMA Investing LLC lifted its stake in shares of Porch Group by 6.6% in 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 last quarter. Integrated Wealth Concepts LLC purchased a new stake in Porch Group during the 2nd quarter valued at $138,000. NewEdge Advisors LLC purchased a new position in Porch Group during the second quarter worth $198,000. Finally, Corient Private Wealth LP boosted its stake in Porch Group by 550.4% during the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock worth $1,070,000 after buying an additional 60,212 shares during the period. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.