Porch Group (NASDAQ:PRCH) Reaches New 12-Month High – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) shares reached a new 52-week high during trading on Wednesday. The stock traded as high as $21.82 and last traded at $21.83, with a volume of 5,785 shares. The stock had previously closed at $21.52.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research raised Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Craig Hallum set a $25.00 price target on Porch Group in a research report on Thursday, October 29th. B. Riley Financial increased their price target on Porch Group from $21.00 to $24.00 and gave the stock a “buy” rating in a research report on Wednesday, October 14th. Weiss Ratings upgraded Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, October 21st. Finally, Oppenheimer lifted their price objective on Porch Group from $20.00 to $25.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $20.79.

Porch Group Price Performance

The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 13.21. The firm’s 50-day moving average price is $17.38 and its two-hundred day moving average price is $12.14. The stock has a market cap of $2.83 billion, a PE ratio of 270.69 and a beta of 3.16.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. The company had revenue of $143.86 million for the quarter, compared to analyst estimates of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. On average, equities analysts expect that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Matt Ehrlichman sold 26,135 shares of the firm’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $17.35, for a total transaction of $453,442.25. Following the sale, the chief executive officer owned 15,930,999 shares of the company’s stock, valued at $276,402,832.65. This trade represents a 0.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 50,000 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $823,000.00. Following the sale, the chief operating officer directly owned 1,940,705 shares in the company, valued at approximately $31,944,004.30. The trade was a 2.51% decrease in their position. 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. In the last three months, insiders sold 353,054 shares of company stock worth $6,222,022. Insiders own 27.78% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of large investors have recently added to or reduced their stakes in PRCH. Granahan Investment Management LLC boosted its holdings in shares of Porch Group by 9.4% in the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after buying an additional 1,084,559 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Porch Group in the 2nd quarter worth approximately $128,995,000. GC Wealth Management RIA LLC purchased a new position in shares of Porch Group in the 1st quarter worth approximately $29,230,000. Park West Asset Management LLC purchased a new position in shares of Porch Group in the 2nd quarter worth approximately $53,194,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Porch Group by 42.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after acquiring an additional 455,817 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential home services industry. Its platform is designed to help businesses manage customer relationships, scheduling, communications, payments, marketing and other operational workflows.

The company serves professionals involved in the home-buying and home-maintenance ecosystem, including home inspection companies and other service providers. Its offerings have included specialized software platforms such as Inspection Support Network and Floify, which support inspection management and mortgage-related workflows, respectively.

Founded in 2012 by Matt Ehrlichman, Porch initially operated as a consumer-focused home improvement marketplace before expanding into vertical software and related services.