Porch Group (NASDAQ:PRCH) Shares Down 5.3% – Here’s What Happened

Shares of Porch Group, Inc. (NASDAQ:PRCH) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $9.14 and last traded at $9.0040. Approximately 197,751 shares were traded during trading, a decline of 74% from the average daily volume of 747,989 shares. The stock had previously closed at $9.51.

Analysts Set New Price Targets

PRCH has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Porch Group in a research report on Monday, December 29th. B. Riley reissued a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Oppenheimer set a $20.00 target price on shares of Porch Group in a research note on Thursday, November 6th. Benchmark reiterated a “buy” rating on shares of Porch Group in a research note on Tuesday, November 25th. Finally, Zacks Research upgraded Porch Group from a “strong sell” rating to a “hold” rating in a research note on Thursday, December 4th. Seven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.00.

Porch Group Stock Performance

The stock has a 50 day moving average of $10.35 and a 200 day moving average of $13.43. The stock has a market capitalization of $1.13 billion, a P/E ratio of 31.59 and a beta of 3.07. The company has a debt-to-equity ratio of 36.18, a quick ratio of 1.33 and a current ratio of 1.33.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%.The business had revenue of $118.08 million for the quarter, compared to analyst estimates of $114.42 million. Equities analysts predict that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 24,294 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $9.66, for a total transaction of $234,680.04. Following the transaction, the chief financial officer owned 118,130 shares of the company’s stock, valued at approximately $1,141,135.80. This trade represents a 17.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 57,216 shares of company stock valued at $553,129. Corporate insiders own 23.32% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd increased its position in shares of Porch Group by 956.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company’s stock valued at $26,000 after purchasing an additional 1,377 shares during the period. Larson Financial Group LLC grew its holdings in Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after acquiring an additional 1,499 shares during the period. AlphaQuest LLC bought a new stake in Porch Group in the second quarter worth about $33,000. RiverPark Advisors LLC bought a new stake in Porch Group in the third quarter worth about $39,000. Finally, State of Alaska Department of Revenue acquired a new stake in Porch Group in the 3rd quarter valued at about $80,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Company Profile

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.