Analysts Set Porch Group, Inc. (NASDAQ:PRCH) Target Price at $17.21

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been given an average recommendation of “Moderate Buy” by the nine research firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $17.2143.

Several analysts have recently commented on PRCH shares. Stephens started coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target on the stock. Keefe, Bruyette & Woods upgraded shares of Porch Group from a “market perform” rating to an “outperform” rating and lowered their price target for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Benchmark increased their price target on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Finally, Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th.

Porch Group Stock Down 1.8%

Shares of NASDAQ PRCH opened at $9.56 on Tuesday. The firm’s 50-day moving average is $8.37 and its two-hundred day moving average is $8.79. The company has a market capitalization of $1.22 billion, a PE ratio of -56.23 and a beta of 3.24. Porch Group has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. Equities analysts anticipate that Porch Group will post -0.04 EPS for the current fiscal year.

Insider Activity

In other news, CFO Shawn Tabak sold 10,881 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total value of $106,416.18. Following the sale, the chief financial officer directly owned 299,439 shares in the company, valued at $2,928,513.42. This represents a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 120,368 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the completion of the sale, the chief executive officer owned 15,972,080 shares in the company, valued at $156,206,942.40. This represents a 0.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 2,471,066 shares of company stock worth $21,849,927 over the last ninety days. 27.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Granahan Investment Management LLC lifted its stake in shares of Porch Group by 9.4% during 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 during the period. Vanguard Group Inc. lifted its stake in shares of Porch Group by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock valued at $66,779,000 after buying an additional 62,073 shares during the period. Park West Asset Management LLC lifted its stake in shares of Porch Group by 131.3% during the fourth quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after buying an additional 2,867,084 shares during the period. GC Wealth Management RIA LLC purchased a new position in shares of Porch Group during the first quarter valued at approximately $29,230,000. Finally, Invesco Ltd. lifted its stake in shares of Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after buying an additional 3,103,018 shares during the period. Hedge funds and other institutional investors 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.