Investors Buy High Volume of Porch Group Call Options (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH) was the recipient of some unusual options trading on Tuesday. Investors bought 11,877 call options on the company. This represents an increase of 1,008% compared to the typical daily volume of 1,072 call options.

In other news, COO Matthew Neagle sold 3,800 shares of the firm’s stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $19.39, for a total value of $73,682.00. Following the transaction, the chief operating officer now directly owns 322,250 shares in the company, valued at approximately $6,248,427.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 37,300 shares of company stock worth $760,217 over the last quarter. Corporate insiders own 19.20% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. The PNC Financial Services Group Inc. acquired a new stake in shares of Porch Group in the 1st quarter valued at about $27,000. BlackRock Inc. bought a new position in shares of Porch Group in the 1st quarter valued at about $20,663,000. New York State Common Retirement Fund grew its holdings in shares of Porch Group by 13.6% in the 1st quarter. New York State Common Retirement Fund now owns 105,699 shares of the company’s stock valued at $1,871,000 after acquiring an additional 12,652 shares in the last quarter. Geode Capital Management LLC bought a new position in shares of Porch Group in the 1st quarter valued at about $9,902,000. Finally, Northern Trust Corp bought a new position in shares of Porch Group in the 1st quarter valued at about $2,126,000. 67.04% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Porch Group stock opened at $16.58 on Thursday. The company has a market capitalization of $1.60 billion, a PE ratio of -8.73 and a beta of 0.12. Porch Group has a 12 month low of $10.03 and a 12 month high of $24.41. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.19. The stock’s fifty day simple moving average is $18.61 and its 200 day simple moving average is $17.60.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Monday, August 16th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.06. The firm had revenue of $51.34 million during the quarter, compared to analyst estimates of $46.01 million. Analysts predict that Porch Group will post -0.62 EPS for the current fiscal year.

Several research firms have recently issued reports on PRCH. Oppenheimer began coverage on Porch Group in a research report on Monday, June 28th. They issued an “outperform” rating and a $28.00 price target on the stock. Zacks Investment Research downgraded Porch Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 21st. Finally, Benchmark raised their price objective on Porch Group from $26.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, September 10th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $25.14.

Porch Group Company Profile

Porch Group, Inc operates a software platform in the United States and Canada. It provides software and services under the ISN, HireAHelper, and Kandela brands to home services companies, such as home inspectors, homebuyers and homeowners, insurance carriers, moving companies, security companies, and TV/internet providers, as well as offers moving concierge services.

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