Key Points
- Porch Group Director Alan Pickerill sold 10,000 shares for $210,000 at an average price of $21.00, reducing his stake by 4.92%; he still owns 193,356 shares.
- Porch reported quarterly EPS of $0.10, beating the $0.01 consensus, and revenue of $143.86 million, above analysts’ $134.65 million estimate.
- Analyst sentiment is broadly positive: MarketBeat lists a consensus “Buy” rating and a $20.79 price target, while the stock opened at $20.31 after a reported 5.8% decline.
Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) Director Alan Pickerill sold 10,000 shares of the company's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $21.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director owned 193,356 shares of the company's stock, valued at $4,060,476. This trade represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Porch Group Trading Down 5.8%
NASDAQ:PRCH opened at $20.31 on Friday. The company has a 50-day moving average price of $17.53 and a 200-day moving average price of $12.26. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 253.87 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, Inc. has a 12 month low of $6.36 and a 12 month high of $21.96.
Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.09. The company had revenue of $143.86 million for the quarter, compared to analysts' expectations of $134.65 million. Porch Group had a net margin of 1.81% and a return on equity of 39.28%. Equities analysts predict that Porch Group, Inc. will post -0.01 EPS for the current year.
Wall Street Analysts Forecast Growth
PRCH has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their price objective on Porch Group from $18.00 to $20.00 and gave the stock an "overweight" rating in a report on Friday, September 25th. Wall Street Zen raised Porch Group from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Zacks Research upgraded shares of Porch Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 15th. Finally, Oppenheimer upped their target price on shares of Porch Group from $20.00 to $25.00 and gave the stock an "outperform" rating in a research report on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $20.79.
Check Out Our Latest Analysis on PRCH
Hedge Funds Weigh In On Porch Group
Several large investors have recently made changes to their positions in PRCH. Osbon Capital Management LLC purchased a new stake in shares of Porch Group in the 2nd quarter worth approximately $40,000. State of Wyoming bought a new position in Porch Group during the 2nd quarter valued at approximately $64,000. Persistent Asset Partners Ltd purchased a new position in Porch Group during the second quarter valued at $103,000. Integrated Wealth Concepts LLC purchased a new position in Porch Group during the second quarter valued at $138,000. Finally, PNC Financial Services Group Inc. raised its stake in Porch Group by 697.8% during the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock valued at $67,000 after buying an additional 8,213 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.
About Porch Group
(
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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