Porch Group (NASDAQ:PRCH) Given New $16.50 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Porch Group’s price target to $16.50 from $16.25 while maintaining a “market perform” rating, implying approximately 33.5% upside from the reported $12.36 share price.
• Analyst sentiment is broadly positive, with six Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $18.58.
• Porch Group recently exceeded quarterly expectations, reporting $0.05 in EPS versus a projected loss of $0.04 and revenue of $131.81 million versus the $122.30 million consensus. Insiders have sold about 1.21 million shares worth $12.65 million over the past three months, primarily to cover tax obligations on vested equity awards.

Porch Group (NASDAQ:PRCH - Get Free Report) had its price target increased by Keefe, Bruyette & Woods from $16.25 to $16.50 in a report released on Thursday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target points to a potential upside of 33.50% from the company's current price.

A number of other analysts have also recently weighed in on the stock. Stephens assumed coverage on shares of Porch Group in a research note on Monday, May 4th. They set an "overweight" rating and a $12.00 target price on the stock. Benchmark increased their price objective on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Porch Group in a report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $18.58.

Porch Group Stock Down 2.1%

PRCH stock opened at $12.36 on Thursday. Porch Group has a 52 week low of $6.36 and a 52 week high of $19.44. The business has a 50-day simple moving average of $12.23 and a 200 day simple moving average of $9.62. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The company has a market cap of $1.58 billion, a PE ratio of -72.70 and a beta of 3.13.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.09. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The company had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Sell-side analysts anticipate that Porch Group will post -0.04 EPS for the current fiscal year.

Insider Activity

In other news, COO Matthew Neagle sold 62,344 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $609,724.32. Following the completion of the sale, the chief operating officer directly owned 1,990,705 shares in the company, valued at $19,469,094.90. This represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 120,368 shares of Porch Group stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the transaction, the chief executive officer directly owned 15,972,080 shares of the company's stock, valued at $156,206,942.40. This represents a 0.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,211,859 shares of company stock valued at $12,649,951. 27.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently added to or reduced their stakes in PRCH. The Manufacturers Life Insurance Company boosted its holdings in shares of Porch Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company's stock worth $350,000 after buying an additional 1,090 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Porch Group by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 80,410 shares of the company's stock valued at $1,349,000 after acquiring an additional 1,200 shares during the period. Prudential Financial Inc. boosted its stake in Porch Group by 9.4% during the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company's stock worth $168,000 after acquiring an additional 1,220 shares in the last quarter. Aster Capital Management DIFC Ltd boosted its stake in Porch Group by 97.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock worth $27,000 after acquiring an additional 1,481 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock worth $31,000 after purchasing an additional 1,499 shares during the period. 48.48% of the stock is currently owned by institutional investors.

Porch Group Company Profile

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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