Porch Group (NASDAQ:PRCH) Trading Down 6.9% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) fell 6.9% on Friday . The stock traded as low as $8.50 and last traded at $8.4590. 846,292 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 1,124,508 shares. The stock had previously closed at $9.09.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PRCH shares. Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a report on Thursday, December 4th. Benchmark reissued a “buy” rating on shares of Porch Group in a report on Friday. Oppenheimer set a $20.00 price objective on shares of Porch Group in a research note on Thursday, November 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Porch Group in a report on Monday, December 29th. Finally, B. Riley reiterated a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Seven 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Porch Group Trading Down 6.7%

The company has a debt-to-equity ratio of 36.18, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $1.05 billion, a P/E ratio of 29.24 and a beta of 3.07. The stock has a 50-day moving average price of $9.49 and a 200-day moving average price of $13.30.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. The company had revenue of $118.08 million during the quarter, compared to analysts’ expectations of $114.42 million. On average, equities research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Activity

In related news, CFO Shawn Tabak sold 24,294 shares of the company’s 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 transaction, the chief financial officer directly owned 118,130 shares in the company, valued at approximately $1,141,135.80. The trade was a 17.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders have sold 57,216 shares of company stock worth $553,129. Insiders own 23.32% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Porch Group by 2.3% in the second quarter. Geode Capital Management LLC now owns 2,150,086 shares of the company’s stock worth $25,354,000 after buying an additional 48,811 shares during the period. Bank of Montreal Can grew its position in Porch Group by 26.3% during the 2nd quarter. Bank of Montreal Can now owns 522,082 shares of the company’s stock worth $6,155,000 after acquiring an additional 108,857 shares during the last quarter. Zweig DiMenna Associates LLC grew its position in Porch Group by 296.6% during the 2nd quarter. Zweig DiMenna Associates LLC now owns 872,500 shares of the company’s stock worth $10,287,000 after acquiring an additional 652,500 shares during the last quarter. G2 Investment Partners Management LLC increased its stake in Porch Group by 28.4% in the 2nd quarter. G2 Investment Partners Management LLC now owns 1,229,183 shares of the company’s stock worth $14,492,000 after purchasing an additional 271,561 shares during the period. Finally, Calamos Advisors LLC bought a new stake in Porch Group in the second quarter valued at approximately $982,000. Institutional investors own 48.48% of the company’s stock.

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.