Porch Group (NASDAQ:PRCH) Stock Price Up 7.1% - Here's Why

Key Points

• Shares jumped 7.1% to $7.559 on Wednesday (high $7.53) on sharply lower volume — ~61,634 shares vs an average of ~1.5M.
• Analysts give Porch a consensus "Moderate Buy" rating with a consensus price target of $17.21 after a mix of upgrades and downgrades (7 Buys, 1 Hold, 1 Sell).
• The company beat the quarter (EPS -$0.03 vs. -$0.08 est.; revenue $112.25M vs. $109.13M) but remains unprofitable, and insiders have sold ~316,624 shares (~$2.27M) over the past 90 days to cover tax withholding.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price rose 7.1% on Wednesday . The company traded as high as $7.53 and last traded at $7.5590. Approximately 61,634 shares traded hands during mid-day trading, a decline of 96% from the average daily volume of 1,499,862 shares. The stock had previously closed at $7.06.

Analyst Ratings Changes

PRCH has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised shares of Porch Group from a "market perform" rating to an "outperform" rating and reduced their price objective for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Benchmark reissued a "buy" rating on shares of Porch Group in a research report on Friday, January 16th. Weiss Ratings reissued a "sell (d+)" rating on shares of Porch Group in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Porch Group from a "strong sell" rating to a "hold" rating in a research report on Friday, March 6th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.21.

Porch Group Trading Up 7.2%

The firm has a market capitalization of $942.16 million, a PE ratio of -152.52 and a beta of 3.09. The stock's 50-day moving average price is $7.57 and its 200 day moving average price is $9.92. The company has a debt-to-equity ratio of 17.20, a current ratio of 1.30 and a quick ratio of 1.30.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results on Wednesday, February 11th. The company reported ($0.03) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.05. The business had revenue of $112.25 million for the quarter, compared to analyst estimates of $109.13 million. Porch Group had a negative net margin of 0.72% and a negative return on equity of 51.86%. On average, sell-side analysts expect that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insider Activity

In other news, COO Matthew Neagle sold 62,827 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $7.15, for a total transaction of $449,213.05. Following the transaction, the chief operating officer directly owned 2,691,256 shares in the company, valued at approximately $19,242,480.40. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 9,344 shares of the stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $7.19, for a total transaction of $67,183.36. Following the transaction, the chief financial officer owned 424,087 shares in the company, valued at approximately $3,049,185.53. This represents a 2.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 316,624 shares of company stock worth $2,265,611. Corporate insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Porch Group by 5.6% during the third quarter. Vanguard Group Inc. now owns 7,252,134 shares of the company's stock valued at $121,691,000 after purchasing an additional 384,451 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Porch Group by 95.1% in the third quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company's stock valued at $15,508,000 after acquiring an additional 450,560 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 68.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 388,299 shares of the company's stock valued at $3,545,000 after acquiring an additional 158,368 shares in the last quarter. Algert Global LLC boosted its stake in Porch Group by 2,254.1% in the third quarter. Algert Global LLC now owns 759,664 shares of the company's stock valued at $12,747,000 after acquiring an additional 727,394 shares in the last quarter. Finally, Tudor Investment Corp ET AL boosted its stake in Porch Group by 1,897.9% in the third quarter. Tudor Investment Corp ET AL now owns 255,511 shares of the company's stock valued at $4,287,000 after acquiring an additional 242,722 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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