Porch Group (NASDAQ:PRCH) Stock Price Down 6.9% – Time to Sell?
by Michael Walen · The Markets DailyShares of Porch Group, Inc. (NASDAQ:PRCH – Get Free Report) were down 6.9% during trading on Friday . The stock traded as low as $8.50 and last traded at $8.4590. Approximately 846,292 shares were traded during trading, a decline of 25% from the average daily volume of 1,124,508 shares. The stock had previously closed at $9.09.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on PRCH. Benchmark restated a “buy” rating on shares of Porch Group in a report on Friday. Weiss Ratings reissued a “sell (d+)” rating on shares of Porch Group in a research note on Monday, December 29th. Oppenheimer set a $20.00 price objective on Porch Group in a research report on Thursday, November 6th. B. Riley reiterated a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Finally, Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a research report on Thursday, December 4th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.00.
Get Our Latest Stock Analysis on PRCH
Porch Group Stock Performance
The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 36.18. The business has a 50 day moving average price of $9.44 and a 200 day moving average price of $13.29. The stock has a market cap of $1.05 billion, a P/E ratio of 29.24 and a beta of 3.07.
Porch Group (NASDAQ:PRCH – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The business had revenue of $118.08 million for the quarter, compared to the consensus estimate of $114.42 million. Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.
Insider Activity at Porch Group
In related news, CFO Shawn Tabak sold 24,294 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $9.66, for a total value of $234,680.04. Following the transaction, the chief financial officer owned 118,130 shares of the company’s stock, valued at $1,141,135.80. This trade represents a 17.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 57,216 shares of company stock valued at $553,129 in the last quarter. Corporate insiders own 23.32% of the company’s stock.
Hedge Funds Weigh In On Porch Group
A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its stake in shares of Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares in the last quarter. Divisadero Street Capital Management LP purchased a new position in Porch Group during the 2nd quarter worth $28,810,000. Hennessy Advisors Inc. bought a new stake in Porch Group during the 2nd quarter valued at $19,607,000. Marshall Wace LLP lifted its holdings in shares of Porch Group by 55.2% in the 2nd quarter. Marshall Wace LLP now owns 3,341,484 shares of the company’s stock worth $39,396,000 after buying an additional 1,188,273 shares during the period. Finally, Wellington Management Group LLP bought a new position in shares of Porch Group during the 3rd quarter worth $12,747,000. 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.