Porch Group, Inc. (NASDAQ:PRCH) Stock Has Consensus Target Price of $19.64 According to Analysts

Porch Group, Inc. (NASDAQ:PRCH) has earned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $19.64.

PRCH has been the subject of a number of analyst reports. Zacks Research raised shares of Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. B. Riley Financial raised their target price on shares of Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, October 14th. Finally, Texas Capital raised shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, September 22nd.

Porch Group Trading Up 3.0%

Porch Group stock opened at $18.18 on Friday. The stock has a 50-day moving average price of $17.01 and a 200 day moving average price of $13.32. Porch Group has a 52 week low of $6.36 and a 52 week high of $18.41. The stock has a market cap of $2.40 billion, a PE ratio of -151.50 and a beta of 3.18. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH) last released its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (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 analyst estimates of $122.30 million. Equities research analysts predict that Porch Group will post -0.04 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Matt Ehrlichman sold 26,135 shares of the firm’s stock in a transaction on Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total transaction of $453,442.25. Following the sale, the chief executive officer owned 15,930,999 shares in the company, valued at $276,402,832.65. This trade represents a 0.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 50,000 shares of Porch Group stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $823,000.00. Following the completion of the sale, the chief operating officer directly owned 1,940,705 shares of the company’s stock, valued at approximately $31,944,004.30. This represents a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 288,602 shares of company stock worth $4,881,718. 27.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently added to or reduced their stakes in the business. Granahan Investment Management LLC raised its stake in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after purchasing an additional 1,084,559 shares during the period. BlackRock Inc. acquired a new position in shares of Porch Group in the 2nd quarter valued at $128,995,000. GC Wealth Management RIA LLC acquired a new position in shares of Porch Group in the 1st quarter valued at $29,230,000. Park West Asset Management LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at $53,194,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Porch Group by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after buying an additional 455,817 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

About Porch Group

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.