Porch Group (NASDAQ:PRCH) Trading Down 6.9% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s share price traded down 6.9% during mid-day trading on Friday . The stock traded as low as $8.50 and last traded at $8.4590. 846,292 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 1,124,508 shares. The stock had previously closed at $9.09.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PRCH shares. Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Thursday, December 4th. Oppenheimer set a $20.00 price objective on shares of Porch Group in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Porch Group in a research note on Monday, December 29th. Benchmark reiterated a “buy” rating on shares of Porch Group in a report on Friday. Finally, B. Riley restated a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Porch Group Stock Down 6.7%

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 36.18. The company’s fifty day simple moving average is $9.49 and its 200 day simple moving average is $13.30. The firm has a market capitalization of $1.05 billion, a P/E ratio of 29.24 and a beta of 3.07.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. The firm had revenue of $118.08 million for the quarter, compared to the consensus estimate of $114.42 million. Research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 24,294 shares of the stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $9.66, for a total transaction of $234,680.04. Following the transaction, the chief financial officer owned 118,130 shares in the company, valued at $1,141,135.80. This represents a 17.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 57,216 shares of company stock worth $553,129. 23.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC increased its stake in shares of Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after purchasing an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Porch Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after buying an additional 2,002 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Porch Group by 2.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after purchasing an additional 26,119 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Porch Group by 28.7% in the 1st quarter. Rhumbline Advisers now owns 99,436 shares of the company’s stock worth $725,000 after buying an additional 22,159 shares during the last quarter. Finally, Moody National Bank Trust Division increased its stake in Porch Group by 10.4% during the second quarter. Moody National Bank Trust Division now owns 606,046 shares of the company’s stock worth $7,145,000 after acquiring an additional 57,144 shares during the last quarter. 48.48% of the stock is 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.