Brokerages Set Porch Group, Inc. (NASDAQ:PRCH) Price Target at $18.42

Porch Group, Inc. (NASDAQ:PRCH) has been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $18.7857.

Several brokerages recently commented on PRCH. Benchmark boosted their target price on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods increased their price target on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their price target on Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Finally, B. Riley Financial boosted their price objective on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday.

Porch Group Stock Up 2.7%

Porch Group stock opened at $16.51 on Friday. Porch Group has a 52 week low of $6.36 and a 52 week high of $19.44. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -137.58 and a beta of 3.15. The company’s 50-day moving average price is $12.68 and its two-hundred day moving average price is $9.78. The company has a current ratio of 1.45, a quick 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 analysts’ consensus estimates of ($0.03) by $0.08. The company 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%. On average, analysts expect that Porch Group will post -0.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 62,344 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value of $609,724.32. Following the sale, the chief operating officer directly owned 1,990,705 shares in the company, valued at approximately $19,469,094.90. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 120,368 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the transaction, the chief executive officer owned 15,972,080 shares of the company’s stock, valued at approximately $156,206,942.40. This trade represents a 0.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 823,484 shares of company stock worth $8,726,930. 27.78% of the stock is owned by corporate insiders.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Granahan Investment Management LLC boosted its holdings in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after buying an additional 1,084,559 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Porch Group by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock valued at $66,779,000 after buying an additional 62,073 shares in the last quarter. Park West Asset Management LLC increased its holdings in shares of Porch Group by 131.3% in the fourth quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after buying an additional 2,867,084 shares in the last quarter. GC Wealth Management RIA LLC acquired a new stake in shares of Porch Group during the 1st quarter valued at $29,230,000. Finally, Invesco Ltd. lifted its position in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors.

Porch Group Company Profile

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.