Porch Group (NASDAQ:PRCH) Shares Up 4.1% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) rose 4.1% during mid-day trading on Tuesday . The stock traded as high as $17.57 and last traded at $17.69. 121,599 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 1,730,158 shares. The stock had previously closed at $16.99.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRCH. B. Riley Financial raised their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Cantor Fitzgerald increased their price target on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. Benchmark boosted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods lifted their price objective on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.79.

Porch Group Stock Up 1.3%

The business has a 50 day moving average of $14.99 and a 200 day moving average of $10.97. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -143.49 and a beta of 3.15. 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 released its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) 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 company had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. On average, equities analysts anticipate that Porch Group, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the transaction, the chief financial officer directly owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Porch Group in the 2nd quarter worth approximately $128,995,000. GC Wealth Management RIA LLC acquired a new position in shares of Porch Group during the first quarter valued at about $29,230,000. Park West Asset Management LLC acquired a new stake in Porch Group during the 2nd quarter worth about $53,194,000. Invesco Ltd. increased its stake in shares of Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after purchasing an additional 3,103,018 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its position in shares of Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock valued at $105,821,000 after acquiring an additional 1,953,736 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors.

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.