Porch Group (NASDAQ:PRCH) Sets New 52-Week High – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) hit a new 52-week high during trading on Tuesday. The stock traded as high as $18.41 and last traded at $18.1850, with a volume of 1,889,609 shares changing hands. The stock had previously closed at $17.65.

Analysts Set New Price Targets

PRCH has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. Texas Capital raised shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd. Cantor Fitzgerald increased their price objective on shares of Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, September 25th. Craig Hallum lifted their target price on shares of Porch Group from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, October 14th. Finally, B. Riley Financial boosted their target price on shares of Porch Group from $21.00 to $24.00 and gave the company a “buy” rating in a report on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.64.

Porch Group Price Performance

The stock has a market capitalization of $2.40 billion, a P/E ratio of -151.54 and a beta of 3.18. 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 business has a fifty day simple moving average of $16.96 and a 200-day simple moving average of $13.24.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating 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 company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Sell-side analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Porch Group

In other news, CFO Shawn Tabak sold 6,690 shares of the company’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total transaction of $116,071.50. Following the transaction, the chief financial officer owned 206,059 shares in the company, valued at approximately $3,575,123.65. This represents a 3.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 26,135 shares of the stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total transaction of $453,442.25. Following the transaction, the chief executive officer directly owned 15,930,999 shares in the company, valued at $276,402,832.65. This trade represents a 0.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 242,977 shares of company stock valued at $4,078,593. Company insiders own 27.78% of the company’s stock.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRCH. State of Alaska Department of Revenue raised its stake in shares of Porch Group by 5.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 40,723 shares of the company’s stock worth $678,000 after purchasing an additional 1,981 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Porch Group by 6.6% in the 3rd quarter. GAMMA Investing LLC now owns 12,503 shares of the company’s stock worth $208,000 after buying an additional 778 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Porch Group during the second quarter valued at about $138,000. NewEdge Advisors LLC bought a new position in Porch Group during the second quarter valued at about $198,000. Finally, Corient Private Wealth LP increased its holdings in Porch Group by 550.4% during the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock worth $1,070,000 after buying an additional 60,212 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

Porch Group Company Profile

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.