Porch Group (NASDAQ:PRCH) Trading 4.1% Higher – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) traded up 4.1% during trading on Tuesday . The company traded as high as $17.57 and last traded at $17.69. 121,599 shares were traded during trading, a decline of 93% from the average daily volume of 1,730,158 shares. The stock had previously closed at $16.99.

Wall Street Analyst Weigh In

PRCH has been the subject of a number of analyst reports. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods lifted their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial raised their price objective on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Stephens initiated coverage on Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective on the stock. Finally, Benchmark raised their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.79.

Porch Group Price Performance

The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The business’s 50-day moving average is $14.99 and its two-hundred day moving average is $10.97. The company has a market capitalization of $2.27 billion, a P/E ratio of -143.49 and a beta of 3.15.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The business had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. As a group, analysts predict that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the sale, the chief financial officer directly owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in Porch Group by 134.7% during the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after buying an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Porch Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after buying an additional 2,002 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Porch Group by 2.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after buying an additional 26,119 shares during the last quarter. Creative Planning acquired a new stake in Porch Group during the 2nd quarter worth approximately $136,000. Finally, Legal & General Group Plc boosted its stake in shares of Porch Group by 1,203.8% in the second quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock valued at $1,282,000 after purchasing an additional 100,417 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.