Porch Group (NASDAQ:PRCH) Stock Jumps 5.2% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) shares rose 5.2% on Tuesday. The stock traded as high as $21.78 and last traded at $21.7110. Approximately 748,637 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 1,749,991 shares. The stock had previously closed at $20.64.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald raised their price objective on Porch Group from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Craig Hallum set a $25.00 target price on Porch Group in a research note on Thursday, October 29th. Keefe, Bruyette & Woods upped their target price on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Texas Capital upgraded Porch Group to a “strong-buy” rating in a research report on Tuesday, September 22nd. Finally, Oppenheimer boosted their price objective on shares of Porch Group from $20.00 to $25.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $20.79.

Porch Group Trading Up 5.6%

The business’s 50-day simple moving average is $17.64 and its two-hundred day simple moving average is $12.38. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 13.21. The company has a market capitalization of $2.87 billion, a PE ratio of 272.50 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.09. The company had revenue of $143.86 million for the quarter, compared to the consensus estimate of $134.65 million. Porch Group had a return on equity of 39.28% and a net margin of 1.81%. On average, analysts predict that Porch Group, Inc. will post -0.01 earnings per share for the current year.

Insider Transactions at Porch Group

In other Porch Group news, COO Matthew Neagle sold 56,250 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $20.88, for a total transaction of $1,174,500.00. Following the transaction, the chief operating officer owned 1,736,756 shares of the company’s stock, valued at $36,263,465.28. This trade represents a 3.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $545,402.10. Following the sale, the director owned 134,180 shares of the company’s stock, valued at approximately $2,208,602.80. The trade was a 19.80% 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 90 days, insiders sold 895,259 shares of company stock worth $17,619,683. 27.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Porch Group during the 2nd quarter worth about $128,995,000. GC Wealth Management RIA LLC bought a new position in shares of Porch Group in the first quarter valued at approximately $29,230,000. Park West Asset Management LLC bought a new position in shares of Porch Group in the second quarter valued at approximately $53,194,000. Jupiter Topco LLC acquired a new position in shares of Porch Group during the second quarter valued at approximately $21,979,000. Finally, Granahan Investment Management LLC increased 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 acquiring an additional 1,084,559 shares during the period. Institutional investors own 48.48% of the company’s stock.

About Porch Group

Porch Group, Inc. is a technology company that provides software and services for the homeownership market. Its platform serves home-service professionals and related businesses, including home inspectors, and offers tools for managing operations, customer relationships, scheduling and business growth. The company also provides insurance products and services for homeowners and works with real estate and mortgage professionals. Its offerings include software for home inspectors and mortgage companies, alongside insurance capabilities that support customers through the homebuying and homeownership process.