Porch Group (NASDAQ:PRCH) Price Target Raised to $16.50

Porch Group (NASDAQ:PRCH) had its price objective raised by investment analysts at Keefe, Bruyette & Woods from $16.25 to $16.50 in a report issued on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 33.50% from the company’s previous close.

Several other analysts also recently issued reports on PRCH. Stephens assumed coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target for the company. Benchmark upped their price objective on shares of Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Porch Group in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.58.

Porch Group Stock Down 2.1%

Shares of NASDAQ:PRCH opened at $12.36 on Thursday. The business’s 50 day simple moving average is $12.23 and its two-hundred day simple moving average is $9.62. The firm has a market cap of $1.58 billion, a P/E ratio of -72.70 and a beta of 3.13. 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 has a 52-week low of $6.36 and a 52-week high of $19.44.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. The firm had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. As a group, research analysts forecast that Porch Group will post -0.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matt Ehrlichman sold 120,368 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $1,177,199.04. Following the completion of the sale, the chief executive officer directly owned 15,972,080 shares of the company’s stock, valued at $156,206,942.40. This represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 62,344 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value of $609,724.32. Following the completion of the transaction, the chief operating officer owned 1,990,705 shares in the company, valued at $19,469,094.90. This represents a 3.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,211,859 shares of company stock valued at $12,649,951. Corporate insiders own 27.78% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. GC Wealth Management RIA LLC bought a new position in Porch Group during the 1st quarter valued at $29,230,000. Invesco Ltd. lifted its position in shares of Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after purchasing an additional 3,103,018 shares in the last quarter. Park West Asset Management LLC lifted its position in shares of Porch Group by 131.3% during 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 purchasing an additional 2,867,084 shares in the last quarter. Granahan Investment Management LLC boosted its holdings in Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Porch Group by 264.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company’s stock worth $9,899,000 after purchasing an additional 786,583 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other 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.