Porch Group (NASDAQ:PRCH) Shares Up 5.2% – Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH) rose 5.2% on Tuesday. The stock traded as high as $21.78 and last traded at $21.7110. Approximately 748,637 shares were traded during trading, a decline of 57% from the average session volume of 1,749,991 shares. The stock had previously closed at $20.64.

Analyst Ratings Changes

PRCH has been the topic of a number of research analyst reports. Benchmark increased their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Zacks Research raised Porch Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 15th. Cantor Fitzgerald boosted their target price on Porch Group from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, September 25th. Keefe, Bruyette & Woods upped their price target on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. Finally, Texas Capital upgraded Porch Group to a “strong-buy” rating in a report on Tuesday, September 22nd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $20.79.

Porch Group Stock Up 0.1%

The stock’s 50-day moving average price is $17.83 and its two-hundred day moving average price is $12.52. The stock has a market capitalization of $2.94 billion, a P/E ratio of 276.29 and a beta of 3.16. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 13.21.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.09. The company had revenue of $143.86 million during 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%. As a group, research analysts expect that Porch Group, Inc. will post -0.01 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In other Porch Group news, Director Amanda Reierson sold 33,135 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $16.46, for a total value of $545,402.10. Following the completion of the sale, the director directly owned 134,180 shares of the company’s stock, valued at $2,208,602.80. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Shawn Tabak sold 30,000 shares of the firm’s stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $21.02, for a total value of $630,600.00. Following the completion of the sale, the chief financial officer directly owned 176,059 shares of the company’s stock, valued at $3,700,760.18. This represents a 14.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,004,302 shares of company stock valued at $19,816,899 in the last three months. 27.78% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRCH. Granahan Investment Management LLC increased its stake in shares of Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after purchasing an additional 1,084,559 shares in the last quarter. BlackRock Inc. bought a new position in Porch Group in the 2nd quarter worth approximately $128,995,000. GC Wealth Management RIA LLC bought a new position in Porch Group in the 1st quarter worth approximately $29,230,000. Park West Asset Management LLC purchased a new position in Porch Group in the 2nd quarter valued at approximately $53,194,000. Finally, Dimensional Fund Advisors LP grew its stake in Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after buying an additional 455,817 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

About Porch Group

Porch Group, Inc. is a technology company that provides software and services for the homeownership market. Its platform serves home-service professionals and related businesses, including home inspectors, and offers tools for managing operations, customer relationships, scheduling and business growth. The company also provides insurance products and services for homeowners and works with real estate and mortgage professionals. Its offerings include software for home inspectors and mortgage companies, alongside insurance capabilities that support customers through the homebuying and homeownership process.