Porch Group, Inc. (NASDAQ:PRCH) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Porch Group has a “Moderate Buy” consensus rating from nine analysts: six buys, two holds and one sell. The average 12-month price target is $18.79, with recent targets ranging from $16.50 to $21.00.
• The company exceeded quarterly expectations, reporting $0.05 in EPS versus a projected loss of $0.03 and revenue of $131.81 million against estimates of $122.30 million. Despite the earnings beat, Porch remains unprofitable, with analysts forecasting a full-year EPS loss of $0.09.
• Porch Group shares opened at $17.26, up significantly from their 12-month low of $6.36 but below the $19.44 high. Institutional ownership stands at 48.48%, while insiders sold 53,944 shares worth about $851,371 over the past 90 days.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the nine analysts that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $18.7857.

A number of research firms recently issued reports on PRCH. 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 note on Thursday, July 30th. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Cantor Fitzgerald increased their target price on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Stephens began coverage on Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price for the company. Finally, B. Riley Financial lifted their price target on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, August 3rd.

Porch Group Stock Down 1.1%

Shares of Porch Group stock opened at $17.26 on Thursday. 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 has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a market cap of $2.28 billion, a P/E ratio of -143.83 and a beta of 3.15. The company's fifty day simple moving average is $14.69 and its two-hundred day simple moving average is $10.76.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The firm had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Research analysts anticipate that Porch Group will post -0.09 EPS for the current year.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares of the company's stock, valued at approximately $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 53,944 shares of company stock valued at $851,371 in the last ninety days. 27.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Porch Group in the second quarter worth about $128,995,000. GC Wealth Management RIA LLC purchased a new position in shares of Porch Group during the first quarter valued at approximately $29,230,000. Park West Asset Management LLC purchased a new position in shares of Porch Group during the second quarter valued at approximately $53,194,000. Invesco Ltd. boosted its position in shares of Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock worth $63,681,000 after purchasing an additional 3,103,018 shares in the last quarter. Finally, Granahan Investment Management LLC boosted its position in shares of Porch Group by 20.3% in the 4th 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 in the last quarter. 48.48% of the stock is currently owned by institutional investors.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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