Porch Group, Inc. (NASDAQ:PRCH) Stock Has Average Price Target of $19.64

Key Points

• Porch Group has a “Moderate Buy” consensus from nine analysts, with five buy ratings, one strong-buy, two holds and one sell. The average 12-month price target is $19.64 versus a recent share price of $17.57.
• Analysts recently raised targets, including B. Riley to $24 and Craig Hallum to $22, while Keefe, Bruyette & Woods maintained a market-perform rating with a $16.50 target.
• Porch Group beat quarterly expectations, reporting $0.05 EPS versus a projected $0.03 loss and revenue of $131.81 million versus $122.30 million expected. Insiders sold shares primarily to cover tax obligations, while institutional investors own 48.48% of the company.

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the nine ratings firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $19.64.

A number of equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their price target 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. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. B. Riley Financial lifted their price objective on shares of Porch Group from $21.00 to $24.00 and gave the stock a "buy" rating in a research report on Wednesday. Craig Hallum upped their price objective on shares of Porch Group from $20.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Texas Capital upgraded shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 6,690 shares of the company's stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total value of $116,071.50. Following the transaction, the chief financial officer owned 206,059 shares in the company, valued at approximately $3,575,123.65. This represents a 3.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 27,881 shares of the stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $17.35, for a total transaction of $483,735.35. Following the completion of the transaction, the chief operating officer directly owned 1,864,881 shares in the company, valued at approximately $32,355,685.35. This represents a 1.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 242,977 shares of company stock worth $4,078,593. 27.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of Porch Group by 6.6% during the third quarter. GAMMA Investing LLC now owns 12,503 shares of the company's stock worth $208,000 after purchasing an additional 778 shares during the period. Hsbc Holdings PLC boosted its stake in Porch Group by 2.8% in the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company's stock valued at $587,000 after purchasing an additional 1,065 shares during the period. Moody National Bank Trust Division boosted its stake in Porch Group by 0.3% in the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company's stock valued at $9,909,000 after purchasing an additional 1,700 shares during the period. State of Alaska Department of Revenue boosted its stake in Porch Group by 5.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 40,723 shares of the company's stock valued at $678,000 after purchasing an additional 1,981 shares during the period. Finally, Osbon Capital Management LLC acquired a new position in Porch Group in the 4th quarter valued at $25,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $17.57 on Friday. The business's 50 day moving average price is $16.89 and its two-hundred day moving average price is $13.09. The company has a market cap of $2.32 billion, a PE ratio of -146.42 and a beta of 3.18. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. Porch Group has a twelve month low of $6.36 and a twelve month high of $18.37.

Porch Group (NASDAQ:PRCH - Get Free Report) last released 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 return on equity of 68.47% and a negative net margin of 2.67%. The company had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. On average, analysts predict that Porch Group will post -0.09 EPS for the current year.

About Porch Group

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group's products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.

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