Porch Group (NASDAQ:PRCH) Trading Down 2.7% - Here's What Happened

Key Points

• Porch Group shares fell 2.7% to $16.62, with trading volume down 95% from the average daily level.
• Analysts maintain a “Moderate Buy” consensus, with six Buy, two Hold, and one Sell rating and an average price target of $18.79.
• The company exceeded quarterly expectations, reporting $0.05 EPS versus a projected $0.03 loss and revenue of $131.81 million versus $122.30 million expected; insiders have sold 83,944 shares over the past 90 days.

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) fell 2.7% during trading on Friday . The company traded as low as $16.58 and last traded at $16.62. 80,917 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,767,790 shares. The stock had previously closed at $17.08.

Wall Street Analysts Forecast Growth

PRCH has been the topic of a number of analyst reports. Benchmark increased their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Stephens initiated coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price for the company. Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a report on Thursday, July 30th. B. Riley Financial increased their price target on shares of Porch Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Finally, Cantor Fitzgerald boosted their price objective on shares of Porch Group from $13.00 to $18.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Porch Group currently has an average rating of "Moderate Buy" and a consensus target price of $18.79.

Porch Group Trading Down 0.1%

The business's 50 day simple moving average is $14.20 and its two-hundred day simple moving average is $10.47. The stock has a market cap of $2.25 billion, a P/E ratio of -142.17 and a beta of 3.15. 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 (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. As a group, analysts expect that Porch Group, Inc. will post -0.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 30,000 shares of Porch Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $10.08, for a total transaction of $302,400.00. Following the sale, the chief financial officer directly owned 269,439 shares of the company's stock, valued at approximately $2,715,945.12. This trade represents a 10.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 83,944 shares of company stock valued at $1,153,771 in the last ninety days. 27.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently added to or reduced their stakes in PRCH. Osbon Capital Management LLC bought a new position in shares of Porch Group during the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd grew its stake in shares of Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock worth $27,000 after purchasing an additional 1,481 shares during the last quarter. Larson Financial Group LLC grew its stake in shares of 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 last quarter. Kemnay Advisory Services Inc. acquired a new stake in Porch Group in the fourth quarter valued at $38,000. Finally, State of Wyoming acquired a new stake in Porch Group in the second quarter valued at $64,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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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