Porch Group (NASDAQ:PRCH) Upgraded at Texas Capital

Texas Capital upgraded shares of Porch Group (NASDAQ:PRCH) to a strong-buy rating in a research note released on Tuesday morning,Zacks reports.

Several other brokerages have also issued reports on PRCH. Cantor Fitzgerald lifted their price target 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. Benchmark raised their target price 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. 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. Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Finally, B. Riley Financial increased their price target on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned 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, Porch Group has an average rating of “Moderate Buy” and an average price target of $18.75.

Porch Group Price Performance

Shares of PRCH stock opened at $16.47 on Tuesday. The business has a fifty day simple moving average of $15.87 and a 200 day simple moving average of $12.07. The company has a market cap of $2.17 billion, a P/E ratio of -137.25 and a beta of 3.17. 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 has a twelve month low of $6.36 and a twelve month high of $18.37.

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. The firm had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, sell-side analysts forecast that Porch Group will post -0.09 EPS for the current fiscal year.

Insider Transactions at Porch Group

In other Porch Group news, Director Amanda L. Reierson sold 33,135 shares of the stock in a transaction that occurred 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 owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. This represents a 19.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the chief operating officer owned 1,940,705 shares of the company’s stock, valued at approximately $31,944,004.30. The trade was a 2.51% 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. Insiders sold 133,135 shares of company stock worth $2,176,902 over the last ninety days. 27.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently modified their holdings of the company. Thompson Siegel & Walmsley LLC lifted its stake in shares of Porch Group by 360.9% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock valued at $5,886,000 after purchasing an additional 504,803 shares during the period. Dimensional Fund Advisors LP lifted 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 buying an additional 455,817 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Porch Group in the first quarter valued at approximately $1,015,000. Zazove Associates LLC bought a new position in shares of Porch Group during the 1st quarter worth approximately $759,000. Finally, BlackRock Inc. bought a new position in shares of Porch Group during the 2nd quarter worth approximately $128,995,000. 48.48% of the stock is owned by institutional investors.

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.