Porch Group (NASDAQ:PRCH) Trading 10.8% Higher – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) were up 10.8% during trading on Monday . The company traded as high as $15.89 and last traded at $16.0060. Approximately 791,077 shares were traded during mid-day trading, a decline of 56% from the average session volume of 1,795,035 shares. The stock had previously closed at $14.45.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Cantor Fitzgerald boosted their price target on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” 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 stock a “buy” rating in a research note on Monday. Benchmark raised their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Stephens began coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 target price for the company. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and a consensus price target of $18.79.

Porch Group Trading Up 2.7%

The company’s 50 day moving average is $12.68 and its two-hundred day moving average is $9.78. 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 firm has a market cap of $2.11 billion, a P/E ratio of -137.58 and a beta of 3.15.

Porch Group (NASDAQ:PRCH) last issued 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. The business had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, sell-side analysts predict that Porch Group, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Porch Group

In other Porch Group news, CEO Matt Ehrlichman sold 120,368 shares of Porch Group stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the completion of the transaction, the chief executive officer directly owned 15,972,080 shares of the company’s stock, valued at approximately $156,206,942.40. This trade represents a 0.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $16.13, for a total transaction of $403,250.00. Following the transaction, the chief financial officer directly owned 240,495 shares of the company’s stock, valued at $3,879,184.35. This represents a 9.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 823,484 shares of company stock worth $8,726,930 over the last three months. Company insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Several large investors have recently made changes to their positions in PRCH. Thompson Siegel & Walmsley LLC raised its stake in shares of Porch Group by 360.9% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock worth $5,886,000 after buying an additional 504,803 shares during the last quarter. Tudor Investment Corp ET AL raised its stake in Porch Group by 1,897.9% during the 3rd quarter. Tudor Investment Corp ET AL now owns 255,511 shares of the company’s stock worth $4,287,000 after buying an additional 242,722 shares during the period. Ashford Capital Management Inc. raised its position in shares of Porch Group by 72.0% during the first quarter. Ashford Capital Management Inc. now owns 696,180 shares of the company’s stock worth $4,992,000 after purchasing an additional 291,510 shares during the period. Granahan Investment Management LLC lifted its stake in 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 buying an additional 1,084,559 shares in the last quarter. Finally, Globeflex Capital L P acquired a new stake in shares of Porch Group during the first quarter worth $2,455,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

About Porch Group

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.