Porch Group (NASDAQ:PRCH) Stock Jumps 5.8% on Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) shot up 5.8% on Friday after Cantor Fitzgerald raised their price target on the stock from $18.00 to $20.00. Cantor Fitzgerald currently has an overweight rating on the stock. Porch Group traded as high as $17.41 and last traded at $17.4190. Approximately 372,261 shares were traded during trading, a decline of 78% from the average session volume of 1,711,990 shares. The stock had previously closed at $16.47.

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods lifted their target price on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. B. Riley Financial boosted their price objective on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Benchmark lifted their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Texas Capital upgraded Porch Group to a “strong-buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Porch Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the sale, the chief financial officer 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 sale 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, Director Amanda Reierson sold 33,135 shares of the business’s stock in a transaction 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 transaction, the director directly owned 134,180 shares of the company’s stock, valued at $2,208,602.80. This trade represents a 19.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 133,135 shares of company stock worth $2,176,902 over the last three months. Insiders own 27.78% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Osbon Capital Management LLC acquired a new position in shares of Porch Group during the fourth quarter worth $25,000. State of Wyoming bought a new position in Porch Group in the 2nd quarter valued at approximately $64,000. PNC Financial Services Group Inc. boosted its position in Porch Group by 697.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock worth $67,000 after buying an additional 8,213 shares during the period. Cetera Investment Advisers bought a new stake in Porch Group during the 1st quarter worth approximately $74,000. Finally, Persistent Asset Partners Ltd acquired a new position in Porch Group in the 2nd quarter valued at approximately $103,000. 48.48% of the stock is owned by institutional investors.

Porch Group Trading Up 5.8%

The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -144.85 and a beta of 3.17. The business’s fifty day moving average price is $15.87 and its 200 day moving average price is $12.07.

Porch Group (NASDAQ:PRCH) last released its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The business had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Research analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal 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.