Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Texas Capital

Porch Group (NASDAQ:PRCH) was upgraded by equities research analysts at Texas Capital to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

PRCH has been the topic of a number of other research reports. Keefe, Bruyette & Woods lifted their price target on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. 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. Benchmark lifted their target price on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, B. Riley Financial increased their price objective on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $18.75.

Porch Group Price Performance

PRCH stock opened at $16.47 on Tuesday. Porch Group has a one year low of $6.36 and a one year high of $18.37. The firm has a 50-day moving average of $15.87 and a two-hundred day moving average of $12.07. The firm has a market capitalization of $2.17 billion, a PE ratio of -137.25 and a beta of 3.17. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. On average, analysts forecast that Porch Group will post -0.09 earnings per share for the current year.

Insider Activity

In other news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the transaction, the chief financial officer owned 215,495 shares in the company, valued at approximately $3,493,173.95. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the sale, the director owned 134,180 shares of the company’s stock, valued at $2,208,602.80. This represents a 19.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 133,135 shares of company stock worth $2,176,902. 27.78% of the stock is owned by corporate insiders.

Institutional Trading of Porch Group

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Porch Group in the 2nd quarter valued at approximately $128,995,000. Granahan Investment Management LLC boosted its position in Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the period. Park West Asset Management LLC acquired a new position in Porch Group during the second quarter valued at approximately $53,194,000. GC Wealth Management RIA LLC acquired a new position in Porch Group during the first quarter valued at approximately $29,230,000. Finally, Jupiter Topco LLC bought a new position in shares of Porch Group in the second quarter valued at approximately $21,979,000. 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 residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.