Porch Group (NASDAQ:PRCH) Stock Price Down 2.7% – What’s Next?

Shares of Porch Group, Inc. (NASDAQ:PRCH) traded down 2.7% on Friday . The stock traded as low as $16.58 and last traded at $16.62. 80,917 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 1,767,790 shares. The stock had previously closed at $17.08.

Analysts Set New Price Targets

PRCH has been the topic of a number of recent analyst reports. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Stephens began coverage on shares of Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 price target for the company. B. Riley Financial boosted their price target on shares of Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Cantor Fitzgerald upped their price objective on shares of Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Finally, Benchmark lifted their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.79.

Porch Group Stock Performance

The firm has a market capitalization of $2.25 billion, a P/E ratio of -142.17 and a beta of 3.15. The stock has a fifty day simple moving average of $14.20 and a two-hundred day simple moving average of $10.47. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million during 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%. On average, research analysts predict that Porch Group, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 83,944 shares of company stock valued at $1,153,771 in the last ninety days. Company insiders own 27.78% of the company’s stock.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRCH. BlackRock Inc. bought a new position in shares of Porch Group in the second quarter valued at $128,995,000. GC Wealth Management RIA LLC acquired a new stake in shares of Porch Group in the 1st quarter worth about $29,230,000. Park West Asset Management LLC acquired a new stake in shares of Porch Group in the 2nd quarter worth about $53,194,000. Invesco Ltd. lifted its position in Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares in the last quarter. Finally, Granahan Investment Management LLC boosted its stake in Porch Group by 20.3% during the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock valued at $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. 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.