Porch Group (NASDAQ:PRCH) Announces Earnings Results, Beats Expectations By $0.04 EPS

Porch Group (NASDAQ:PRCH) released its quarterly earnings data on Wednesday. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.04, Zacks reports. Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. The business had revenue of $112.25 million during the quarter, compared to analyst estimates of $109.13 million.

Porch Group Stock Up 2.7%

Shares of PRCH traded up $0.20 during midday trading on Wednesday, reaching $7.59. 3,627,301 shares of the stock were exchanged, compared to its average volume of 1,551,603. The company has a market capitalization of $938.73 million, a P/E ratio of 26.17 and a beta of 3.08. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 36.18. Porch Group has a 52 week low of $3.72 and a 52 week high of $19.44. The company’s 50 day moving average is $8.77 and its two-hundred day moving average is $12.67.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PRCH shares. Oppenheimer set a $20.00 target price on Porch Group in a report on Thursday, November 6th. Benchmark reaffirmed a “buy” rating on shares of Porch Group in a research note on Friday, January 16th. Weiss Ratings restated a “sell (d+)” rating on shares of Porch Group in a research report on Monday, December 29th. Keefe, Bruyette & Woods upgraded Porch Group from a “market perform” rating to an “outperform” rating and reduced their price target for the stock from $13.00 to $10.50 in a report on Wednesday. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.31.

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 document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 57,216 shares of company stock worth $553,129. 23.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Larson Financial Group LLC boosted its position in Porch Group by 444.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock valued at $31,000 after acquiring an additional 1,499 shares in the last quarter. State of Wyoming purchased a new stake in shares of Porch Group during the second quarter valued at about $111,000. Creative Planning bought a new stake in shares of Porch Group in the 2nd quarter valued at about $136,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Porch Group in the 3rd quarter worth approximately $213,000. Finally, Jain Global LLC purchased a new position in shares of Porch Group in the 3rd quarter worth approximately $216,000. 48.48% of the stock is currently owned by institutional investors.

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.