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

Porch Group, Inc. (NASDAQ:PRCH)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $14.85, but opened at $14.19. Porch Group shares last traded at $13.9180, with a volume of 262,665 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PRCH shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Porch Group in a research report on Friday, May 22nd. Benchmark boosted their price target on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $16.25 price objective (up from $13.00) on shares of Porch Group in a report on Monday. Finally, Stephens initiated coverage on Porch Group in a report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.54.

Porch Group Stock Performance

The company has a market capitalization of $1.79 billion, a P/E ratio of -82.67 and a beta of 3.13. The stock’s fifty day moving average price is $11.58 and its 200-day moving average price is $9.27. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28.

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

Insider Activity

In related news, COO Matthew Neagle sold 62,344 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $609,724.32. Following the sale, the chief operating officer owned 1,990,705 shares in the company, valued at approximately $19,469,094.90. This represents a 3.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $16.13, for a total value of $403,250.00. Following the sale, the chief financial officer directly owned 240,495 shares of the company’s stock, valued at $3,879,184.35. This represents a 9.42% 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. Insiders sold a total of 2,213,386 shares of company stock valued at $20,332,837 over the last three months. Insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Large investors have recently modified their holdings of the stock. Osbon Capital Management LLC acquired a new stake in shares of Porch Group during the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd grew its stake in Porch Group by 97.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock valued at $27,000 after buying an additional 1,481 shares during the last quarter. Larson Financial Group LLC grew its stake in Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock valued at $31,000 after buying an additional 1,499 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in Porch Group in the 4th quarter valued at about $38,000. Finally, PNC Financial Services Group Inc. raised its holdings in Porch Group by 697.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after acquiring an additional 8,213 shares during the period. 48.48% of the stock is owned by institutional investors.

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.