Porch Group (NASDAQ:PRCH) Shares Down 7.5% – Time to Sell?

Porch Group, Inc. (NASDAQ:PRCH)’s stock price dropped 7.5% during trading on Thursday . The company traded as low as $8.18 and last traded at $8.1650. Approximately 484,866 shares changed hands during trading, a decline of 73% from the average daily volume of 1,780,105 shares. The stock had previously closed at $8.83.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Oppenheimer set a $20.00 price objective on Porch Group in a research note on Thursday, November 6th. Zacks Research lowered shares of Porch Group from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Keefe, Bruyette & Woods upgraded shares of Porch Group from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. B. Riley Financial restated a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Finally, Benchmark reiterated a “buy” rating on shares of Porch Group in a research report on Friday, January 16th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and a consensus target price of $16.31.

Porch Group Price Performance

The business’s 50-day simple moving average is $8.61 and its 200 day simple moving average is $12.49. The company has a market capitalization of $1.01 billion, a P/E ratio of -162.60 and a beta of 3.08. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 36.18.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, February 11th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.05. The firm had revenue of $112.25 million for the quarter, compared to analysts’ expectations of $109.13 million. Porch Group had a negative return on equity of 51.86% and a negative net margin of 0.72%. As a group, sell-side analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 24,294 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $9.66, for a total value of $234,680.04. Following the completion of the sale, the chief financial officer directly owned 118,130 shares of the company’s stock, valued at approximately $1,141,135.80. This represents a 17.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 57,216 shares of company stock valued at $553,129 in the last ninety days. Corporate insiders own 23.32% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently bought and sold shares of PRCH. AQR Capital Management LLC lifted its stake in Porch Group by 134.7% in the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after acquiring an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Porch Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after purchasing an additional 2,002 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Porch Group by 2.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after purchasing an additional 26,119 shares in the last quarter. CWM LLC boosted its holdings in shares of Porch Group by 20.1% during the second quarter. CWM LLC now owns 10,485 shares of the company’s stock worth $124,000 after purchasing an additional 1,753 shares during the period. Finally, Stephens Inc. AR boosted its holdings in shares of Porch Group by 67.1% during the second quarter. Stephens Inc. AR now owns 59,737 shares of the company’s stock worth $704,000 after purchasing an additional 23,994 shares during the period. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.