Porch Group, Inc. (NASDAQ:PRCH) Stock Now Rated “Buy” by Sell-Side Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been given an average rating of “Buy” by the nine analysts that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $19.64.

A number of equities research analysts have recently commented on the stock. Benchmark raised their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their price target on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Texas Capital upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Zacks Research upgraded Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Finally, Weiss Ratings upgraded Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 25,000 shares of the 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 transaction, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. This trade represents a 10.40% decrease in their position. The sale was disclosed in a filing 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 on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the sale, the director directly owned 134,180 shares in the company, valued at $2,208,602.80. This represents a 19.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 327,270 shares of company stock valued at $5,577,906. Corporate insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Osbon Capital Management LLC acquired a new stake in Porch Group during the 4th quarter worth $25,000. State of Wyoming acquired a new stake in shares of Porch Group in the second quarter valued at about $64,000. Persistent Asset Partners Ltd acquired a new stake in shares of Porch Group in the second quarter valued at about $103,000. Integrated Wealth Concepts LLC acquired a new stake in Porch Group in the 2nd quarter valued at about $138,000. Finally, PNC Financial Services Group Inc. raised its holdings in Porch Group by 697.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after acquiring an additional 8,213 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Trading Down 3.5%

Porch Group stock opened at $17.94 on Friday. The stock has a 50-day moving average price of $17.08 and a 200 day moving average price of $13.47. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -149.50 and a beta of 3.18. Porch Group has a 52 week low of $6.36 and a 52 week high of $18.75. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million for 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%. Sell-side analysts anticipate that Porch Group will post -0.04 EPS for the current year.

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.