Porch Group (NASDAQ:PRCH) Trading 4.1% Higher – Still a Buy?

Shares of Porch Group, Inc. (NASDAQ:PRCH) rose 4.1% during mid-day trading on Tuesday . The company traded as high as $17.57 and last traded at $17.69. Approximately 121,599 shares changed hands during trading, a decline of 93% from the average daily volume of 1,730,158 shares. The stock had previously closed at $16.99.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PRCH. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Cantor Fitzgerald lifted their target price on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research note on Thursday, July 30th. B. Riley Financial upped their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Benchmark raised their price target on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.42.

Porch Group Stock Up 2.2%

The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The business’s fifty day simple moving average is $15.17 and its two-hundred day simple moving average is $11.10. The company has a market cap of $2.34 billion, a PE ratio of -147.83 and a beta of 3.17.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. On average, analysts predict that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Insider Activity at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the completion of the transaction, the chief financial officer directly owned 215,495 shares of the company’s stock, valued at $3,493,173.95. This represents a 10.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Porch Group

A number of large investors have recently added to or reduced their stakes in PRCH. Granahan Investment Management LLC grew its position in shares of Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after purchasing an additional 1,084,559 shares during the period. BlackRock Inc. purchased a new position in Porch Group in the 2nd quarter valued at about $128,995,000. Vanguard Group Inc. boosted its holdings in Porch Group by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock worth $66,779,000 after buying an additional 62,073 shares during the last quarter. Park West Asset Management LLC boosted its holdings in Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock worth $46,106,000 after buying an additional 2,867,084 shares during the last quarter. Finally, GC Wealth Management RIA LLC purchased a new stake in Porch Group during the 1st quarter worth approximately $29,230,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.