Shares of Porch Group, Inc. (NASDAQ:PRCH – Get Free Report) dropped 7.3% during trading on Tuesday . The company traded as low as $16.71 and last traded at $16.6350. Approximately 731,495 shares traded hands during trading, a decline of 58% from the average session volume of 1,727,255 shares. The stock had previously closed at $17.94.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on PRCH shares. Keefe, Bruyette & Woods raised 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. B. Riley Financial upped their price objective on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Benchmark increased their price objective on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Cantor Fitzgerald raised their target price on Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.42.
View Our Latest Research Report on Porch Group
Porch Group Price Performance
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 for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The firm had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Research analysts anticipate that Porch Group, Inc. will post -0.09 EPS for the current fiscal year.
Insider Buying and Selling at Porch Group
In related news, CFO Shawn Tabak sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the sale, the chief financial officer directly owned 215,495 shares of the company’s stock, valued at $3,493,173.95. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 27.78% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in PRCH. AQR Capital Management LLC boosted its holdings in shares of Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock valued at $1,653,000 after acquiring an additional 130,166 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Porch Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after acquiring an additional 2,002 shares during the period. Goldman Sachs Group Inc. raised its position in Porch Group by 2.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock valued at $8,464,000 after purchasing an additional 26,119 shares during the last quarter. Creative Planning purchased a new stake in Porch Group in the 2nd quarter valued at $136,000. Finally, Legal & General Group Plc boosted its stake in Porch Group by 1,203.8% during the 2nd quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock worth $1,282,000 after purchasing an additional 100,417 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.
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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