Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Zacks Research

Porch Group (NASDAQ:PRCH) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Other analysts also recently issued research reports about the stock. Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their target price on Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, September 25th. Craig Hallum raised their target price on Porch Group from $20.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Benchmark raised their target price on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.64.

Porch Group Trading Down 0.4%

Shares of NASDAQ PRCH traded down $0.07 during mid-day trading on Thursday, reaching $17.50. 1,964,048 shares of the company’s stock were exchanged, compared to its average volume of 1,670,338. The company’s 50-day moving average is $16.92 and its 200-day moving average is $13.12. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of -145.83 and a beta of 3.18. Porch Group has a 52-week low of $6.36 and a 52-week high of $18.37.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Analysts expect that Porch Group will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the business’s stock in a transaction dated 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 approximately $3,493,173.95. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda L. Reierson sold 33,135 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $545,402.10. Following the sale, the director owned 134,180 shares in the company, valued at $2,208,602.80. The trade was a 19.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 242,977 shares of company stock worth $4,078,593. 27.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its position in shares of Porch Group by 5.7% during the second quarter. Wellington Management Group LLP now owns 1,297,050 shares of the company’s stock worth $19,508,000 after acquiring an additional 70,139 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of Porch Group in the 2nd quarter valued at $1,920,000. Legal & General Group Plc acquired a new position in shares of Porch Group in the 2nd quarter valued at $904,000. Dimensional Fund Advisors LP raised its position in Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after purchasing an additional 455,817 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Porch Group in the 1st quarter valued at $1,015,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group’s products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.