Porch Group (NASDAQ:PRCH) Price Target Raised to $20.00

Porch Group (NASDAQ:PRCH) had its price objective boosted by Cantor Fitzgerald from $18.00 to $20.00 in a report published on Friday morning, MarketBeat reports. The brokerage currently has an overweight rating on the stock.

PRCH has been the topic of several other reports. Benchmark upped their target price on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. 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 report on Thursday, July 30th. B. Riley Financial increased their price objective on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, Texas Capital raised shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.75.

Porch Group Price Performance

Shares of Porch Group stock opened at $16.53 on Friday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The company has a market cap of $2.18 billion, a P/E ratio of -137.75 and a beta of 3.17. The firm’s 50 day moving average price is $15.93 and its 200-day moving average price is $12.13. Porch Group has a 52-week low of $6.36 and a 52-week high of $18.37.

Porch Group (NASDAQ:PRCH) last announced its earnings results 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. The company had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. On average, sell-side analysts predict that Porch Group will post -0.09 EPS for the current fiscal year.

Insider Activity

In related news, CFO Shawn Tabak sold 25,000 shares of Porch Group 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 sale, the chief financial officer owned 215,495 shares of the company’s stock, valued at $3,493,173.95. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of the 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 completion of the transaction, the director owned 134,180 shares in the company, valued at approximately $2,208,602.80. This trade represents a 19.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 133,135 shares of company stock valued at $2,176,902. 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 made changes to their positions in the business. Hsbc Holdings PLC raised its position in Porch Group by 2.8% during the second quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock valued at $587,000 after acquiring an additional 1,065 shares in the last quarter. Moody National Bank Trust Division lifted its stake in shares of Porch Group by 0.3% in the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company’s stock valued at $9,909,000 after purchasing an additional 1,700 shares during the period. ProShare Advisors LLC boosted its holdings in Porch Group by 15.0% during the fourth quarter. ProShare Advisors LLC now owns 15,847 shares of the company’s stock worth $145,000 after buying an additional 2,068 shares in the last quarter. Osbon Capital Management LLC acquired a new stake in Porch Group during the fourth quarter valued at $25,000. Finally, Alpine Global Management LLC increased its holdings in Porch Group by 45.5% in the fourth quarter. Alpine Global Management LLC now owns 11,636 shares of the company’s stock valued at $106,000 after buying an additional 3,636 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.