Key Points
- Porch Group COO Matthew Neagle sold 50,000 shares at an average price of $16.46, totaling $823,000, under a pre-arranged Rule 10b5-1 trading plan. He retains 1,940,705 shares, worth approximately $31.9 million.
- Porch Group recently reported quarterly EPS of $0.05, beating the $0.03 loss analysts expected, while revenue of $131.81 million exceeded estimates of $122.30 million.
- Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $18.42; institutional investors own 48.48% of the company.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Amanda Reierson sold 33,135 shares of the business's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $16.46, for a total value of $545,402.10. Following the sale, the director owned 134,180 shares in the company, valued at approximately $2,208,602.80. The trade was a 19.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Porch Group Stock Performance
Shares of PRCH opened at $15.89 on Thursday. The company has a 50-day moving average of $15.59 and a two-hundred day moving average of $11.72. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -132.42 and a beta of 3.17. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44.
Porch Group (NASDAQ:PRCH - Get Free Report) 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. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. On average, equities research analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.
Hedge Funds Weigh In On Porch Group
Hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Porch Group during the second quarter worth $128,995,000. Granahan Investment Management LLC grew its stake in Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock valued at $105,821,000 after purchasing an additional 1,953,736 shares in the last quarter. Park West Asset Management LLC purchased a new position in Porch Group in the second quarter valued at about $53,194,000. GC Wealth Management RIA LLC acquired a new position in Porch Group in the 1st quarter worth about $29,230,000. Finally, Jupiter Topco LLC acquired a new position in Porch Group in the 2nd quarter worth about $21,979,000. 48.48% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on PRCH shares. Benchmark raised their target price on Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Cantor Fitzgerald raised their price objective on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. B. Riley Financial upped their target price on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a research report on Thursday, July 30th. Five 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 data from MarketBeat, Porch Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.42.
Check Out Our Latest Stock Analysis on PRCH
About Porch Group
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
