Porch Group (NASDAQ:PRCH) Stock Price Up 5.6% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) shares rose 5.6% on Tuesday . The stock traded as high as $10.98 and last traded at $11.0830. Approximately 335,802 shares were traded during trading, a decline of 80% from the average daily volume of 1,670,845 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

PRCH has been the topic of several analyst reports. Zacks Research upgraded Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Stephens initiated coverage on Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Porch Group in a research report on Friday, May 22nd. Finally, Benchmark upped their price target on Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.21.

Porch Group Trading Up 7.5%

The stock’s 50 day simple moving average is $9.41 and its 200 day simple moving average is $8.72. The firm has a market cap of $1.56 billion, a PE ratio of -72.05 and a beta of 3.22. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. On average, sell-side analysts forecast that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Porch Group

In other news, CEO Matt Ehrlichman sold 145,882 shares of the stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $6.84, for a total value of $997,832.88. Following the transaction, the chief executive officer owned 17,163,175 shares of the company’s stock, valued at $117,396,117. This represents a 0.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 2,505,010 shares of company stock valued at $22,195,198. 27.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently made changes to their positions in PRCH. AQR Capital Management LLC increased its holdings in shares of Porch Group by 134.7% in the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after buying an additional 130,166 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after acquiring an additional 2,002 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Porch Group by 2.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after acquiring an additional 26,119 shares during the last quarter. Creative Planning bought a new stake in shares of Porch Group in the 2nd quarter worth approximately $136,000. Finally, Legal & General Group Plc lifted its holdings in shares of Porch Group by 1,203.8% in the 2nd quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock worth $1,282,000 after acquiring an additional 100,417 shares during the last quarter. Institutional investors own 48.48% of the company’s stock.

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.