Key Points
- Director Amanda Reierson sold 5,000 Porch Group shares at an average price of $17.95, generating $89,750. The transaction reduced her holdings by 3.98% and was conducted under a pre-arranged Rule 10b5-1 trading plan.
- Porch Group recently reported quarterly revenue of $131.81 million and adjusted earnings of $0.05 per share, beating analyst expectations, though the company continues to post negative net margins and return on equity.
- Analyst sentiment remains generally positive: the stock has a “Moderate Buy” consensus rating and a $19.64 average price target, while shares recently traded near their 52-week high of $18.41.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Amanda Reierson sold 5,000 shares of the business's stock in a transaction that occurred on Friday, October 16th. The shares were sold at an average price of $17.95, for a total transaction of $89,750.00. Following the completion of the transaction, the director owned 120,679 shares of the company's stock, valued at $2,166,188.05. The trade was a 3.98% decrease in their ownership of the stock. The sale was disclosed in a filing 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 Porch Group stock opened at $18.18 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The company has a market cap of $2.40 billion, a PE ratio of -151.50 and a beta of 3.18. The company has a 50 day moving average of $17.01 and a 200-day moving average of $13.32. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $18.41.
Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $122.30 million. As a group, equities research analysts forecast that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Porch Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Porch Group in the second quarter valued at approximately $128,995,000. Granahan Investment Management LLC increased its holdings in shares of Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after buying an additional 1,084,559 shares in the last quarter. Park West Asset Management LLC acquired a new position in shares of Porch Group during the second quarter worth $53,194,000. GC Wealth Management RIA LLC acquired a new position in shares of Porch Group during the first quarter worth $29,230,000. Finally, Jupiter Topco LLC acquired a new position in shares of Porch Group during the second quarter worth $21,979,000. Institutional investors own 48.48% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the company. Craig Hallum raised their target price on Porch Group from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, October 14th. Keefe, Bruyette & Woods boosted their price target on Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, July 30th. Zacks Research upgraded Porch Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 15th. Texas Capital upgraded Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. Finally, Benchmark raised their price objective on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Porch Group presently has an average rating of "Moderate Buy" and a consensus target price of $19.64.
Check Out Our Latest Report on Porch Group
Porch Group Company Profile
(
Get Free Report)
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.
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