Porch Group (NASDAQ:PRCH) Stock Jumps 5.8% Following Analyst Upgrade

Key Points

• Porch Group shares rose 5.8% after Cantor Fitzgerald lifted its price target from $18 to $20 while maintaining an overweight rating. The stock reached $17.41, above its prior close of $16.47.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus and an average price target of $18.75; recent upgrades included Texas Capital’s “strong buy” rating and Benchmark’s $23 target.
• Porch Group exceeded quarterly expectations, reporting adjusted EPS of $0.05 versus a projected loss of $0.03 and revenue of $131.81 million versus a $122.30 million estimate. However, insiders sold 133,135 shares worth about $2.18 million during the last quarter.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares traded up 5.8% on Friday after Cantor Fitzgerald raised their price target on the stock from $18.00 to $20.00. Cantor Fitzgerald currently has an overweight rating on the stock. Porch Group traded as high as $17.41 and last traded at $17.4190. Approximately 372,261 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,711,990 shares. The stock had previously closed at $16.47.

A number of other brokerages have also recently issued reports on PRCH. Weiss Ratings upgraded shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Texas Capital raised Porch Group to a "strong-buy" rating in a research report on Tuesday. Benchmark upped their price target on Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods increased their price objective on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a report on Thursday, July 30th. Finally, B. Riley Financial raised their price objective on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Porch Group has an average rating of "Moderate Buy" and an average target price of $18.75.

Insider Activity

In other news, COO Matthew Neagle sold 50,000 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $823,000.00. Following the completion of the sale, the chief operating officer owned 1,940,705 shares of the company's stock, valued at $31,944,004.30. This represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $545,402.10. Following the sale, the director owned 134,180 shares in the company, valued at approximately $2,208,602.80. The trade was a 19.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 133,135 shares of company stock worth $2,176,902 over the last quarter. 27.78% of the stock is currently owned by company insiders.

Institutional Trading of Porch Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in Porch Group during the second quarter worth $138,000. NewEdge Advisors LLC acquired a new position in shares of Porch Group during the 2nd quarter worth about $198,000. Corient Private Wealth LP lifted its stake in Porch Group by 550.4% in the 2nd quarter. Corient Private Wealth LP now owns 71,151 shares of the company's stock valued at $1,070,000 after purchasing an additional 60,212 shares during the last quarter. Concurrent Investment Advisors LLC increased its position in Porch Group by 10.2% during the second quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company's stock worth $1,755,000 after buying an additional 10,812 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Porch Group by 2.8% in the second quarter. Hsbc Holdings PLC now owns 39,370 shares of the company's stock valued at $587,000 after buying an additional 1,065 shares during the period. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Stock Performance

The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The stock has a 50-day moving average price of $15.87 and a 200-day moving average price of $12.07. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -144.85 and a beta of 3.17.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.08. The business had revenue of $131.81 million during the quarter, compared to the consensus estimate 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 forecast that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company's products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.

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