Porch Group (NASDAQ:PRCH) Downgraded to “Strong Sell” Rating by Zacks Research

Porch Group (NASDAQ:PRCH) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the company. B. Riley reissued a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Benchmark restated a “buy” rating on shares of Porch Group in a research report on Friday. Oppenheimer set a $20.00 target price on Porch Group in a report on Thursday, November 6th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Porch Group in a research note on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Porch Group Stock Performance

Shares of Porch Group stock opened at $7.89 on Monday. The company has a 50 day moving average of $9.35 and a 200-day moving average of $13.24. The company has a market cap of $975.84 million, a PE ratio of 27.21 and a beta of 3.07. Porch Group has a 1-year low of $3.72 and a 1-year high of $19.44. 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 (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.10) earnings per share 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 the consensus estimate of $114.42 million. As a group, equities research analysts forecast that Porch Group will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 24,294 shares of Porch Group stock in a transaction on Monday, December 15th. The shares were sold at an average price of $9.66, for a total value of $234,680.04. Following the completion of the sale, the chief financial officer directly owned 118,130 shares of the company’s stock, valued at approximately $1,141,135.80. The trade was a 17.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold 57,216 shares of company stock valued at $553,129 in the last ninety days. Company insiders own 23.32% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in shares of Porch Group by 134.7% in the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after purchasing an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Porch Group by 4.3% in the first 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. grew its holdings in shares of Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock valued at $8,464,000 after buying an additional 26,119 shares during the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of Porch Group in the 2nd quarter worth about $19,607,000. Finally, Viewpoint Capital Management LLC raised its holdings in shares of Porch Group by 1.7% in the 2nd quarter. Viewpoint Capital Management LLC now owns 208,400 shares of the company’s stock worth $2,457,000 after acquiring an additional 3,500 shares during the last quarter. Institutional investors own 48.48% of the company’s stock.

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.