Porch Group, Inc. (NASDAQ:PRCH) Receives $18.42 Consensus Target Price from Analysts

Porch Group, Inc. (NASDAQ:PRCH) has been assigned an average rating of “Hold” from the seven brokerages that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $18.4167.

Several equities research analysts have recently weighed in on PRCH shares. Benchmark increased their price objective on shares of 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 boosted their target price on shares of Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, July 30th. B. Riley Financial upped their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods increased their price target on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th.

Insider Activity at Porch Group

In related news, COO Matthew Neagle sold 50,000 shares of the firm’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 $823,000.00. Following the completion of the sale, the chief operating officer owned 1,940,705 shares of the company’s stock, valued at $31,944,004.30. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of Porch Group stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $16.46, for a total value of $545,402.10. Following the completion of the sale, the director owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. The trade was a 19.80% 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 133,135 shares of company stock worth $2,176,902 in the last 90 days. Corporate insiders own 27.78% of the company’s stock.

Institutional Trading of Porch Group

Several large investors have recently modified their holdings of the stock. Granahan Investment Management LLC lifted its position in shares of Porch Group by 9.4% during the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after acquiring an additional 1,084,559 shares during the period. BlackRock Inc. acquired a new stake in Porch Group in the second quarter worth $128,995,000. GC Wealth Management RIA LLC acquired a new stake in Porch Group in the first quarter worth $29,230,000. Park West Asset Management LLC bought a new stake in Porch Group in the second quarter valued at $53,194,000. Finally, Dimensional Fund Advisors LP increased its stake in Porch Group by 42.0% in the first 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 in the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Stock Performance

Shares of PRCH stock opened at $16.61 on Monday. The stock has a market capitalization of $2.19 billion, a PE ratio of -138.42 and a beta of 3.17. The business’s 50 day simple moving average is $15.82 and its 200 day simple moving average is $12.01. 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 has a one year low of $6.36 and a one year high of $18.67.

Porch Group (NASDAQ:PRCH) last released its quarterly 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. The firm 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%. As a group, research analysts forecast that Porch Group will post -0.09 earnings per share for the current year.

About Porch Group

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.