Porch Group (NASDAQ:PRCH) Upgraded at Texas Capital

Porch Group (NASDAQ:PRCH) was upgraded by equities researchers at Texas Capital to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

PRCH has been the subject of a number of other research reports. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their price objective on Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. B. Riley Financial increased their price objective on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Benchmark boosted their target price on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods boosted their target price on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $18.42.

Porch Group Trading Down 0.8%

NASDAQ:PRCH opened at $16.47 on Tuesday. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of -137.25 and a beta of 3.17. 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 company’s 50 day moving average price is $15.87 and its 200-day moving average price is $12.07. Porch Group has a 52 week low of $6.36 and a 52 week high of $18.37.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. On average, equities research analysts forecast that Porch Group will post -0.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Amanda Reierson sold 33,135 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the sale, the director directly owned 134,180 shares in the company, valued at approximately $2,208,602.80. The trade was a 19.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shawn Tabak sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction 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. This represents a 10.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 133,135 shares of company stock valued at $2,176,902. 27.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Porch Group during the 2nd quarter worth approximately $128,995,000. GC Wealth Management RIA LLC purchased a new position in Porch Group during the first quarter valued at approximately $29,230,000. Park West Asset Management LLC bought a new position in shares of Porch Group in the second quarter worth approximately $53,194,000. Granahan Investment Management LLC boosted its position in shares of Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the period. Finally, Jupiter Topco LLC purchased a new stake in shares of Porch Group in the second quarter worth $21,979,000. 48.48% of the stock is owned by institutional investors.

About Porch Group

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.