Porch Group (NASDAQ:PRCH) Cut to Hold at Keefe, Bruyette & Woods

Porch Group (NASDAQ:PRCH) was downgraded by Keefe, Bruyette & Woods from a “moderate buy” rating to a “hold” rating in a research report issued on Sunday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Porch Group in a research note on Friday, May 22nd. Benchmark increased their price objective on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Stephens initiated coverage on Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and a consensus price target of $18.54.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $13.41 on Friday. The stock has a market cap of $1.71 billion, a P/E ratio of -78.88 and a beta of 3.13. Porch Group has a twelve month low of $6.36 and a twelve month high of $19.44. The stock has a 50 day moving average of $11.65 and a two-hundred day moving average of $9.31. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to analysts’ expectations of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. On average, research analysts forecast that Porch Group will post -0.04 earnings per share for the current year.

Insider Activity

In related news, CEO Matt Ehrlichman sold 124,089 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31. Following the sale, the chief executive officer directly owned 16,564,822 shares in the company, valued at $162,169,607.38. The trade was a 0.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 1,966,208 shares of company stock worth $18,642,140. Insiders own 27.78% of the company’s stock.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently modified their holdings of PRCH. Larson Financial Group LLC raised its position in shares of Porch Group by 444.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after purchasing an additional 1,499 shares during the last quarter. Osbon Capital Management LLC purchased a new position in Porch Group during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd raised its holdings in shares of Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock worth $27,000 after acquiring an additional 1,481 shares during the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of Porch Group in the fourth quarter valued at $38,000. Finally, State of Wyoming acquired a new stake in shares of Porch Group during the second quarter valued at $111,000. Hedge funds and other 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.