Porch Group (NASDAQ:PRCH) Announces Earnings Results, Beats Expectations By $0.04 EPS
by Mitch Edgeman · The Markets DailyPorch Group (NASDAQ:PRCH – Get Free Report) announced its earnings results on Wednesday. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.04, Zacks reports. The firm had revenue of $112.25 million for the quarter, compared to the consensus estimate of $109.13 million. Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%.
Porch Group Stock Up 2.7%
PRCH stock traded up $0.20 during mid-day trading on Wednesday, reaching $7.59. The company had a trading volume of 3,997,629 shares, compared to its average volume of 1,602,633. The company has a market capitalization of $938.73 million, a price-to-earnings ratio of 26.17 and a beta of 3.08. Porch Group has a 52 week low of $3.72 and a 52 week high of $19.44. The stock has a 50 day simple moving average of $8.77 and a two-hundred day simple moving average of $12.67. The company has a debt-to-equity ratio of 36.18, a current ratio of 1.33 and a quick ratio of 1.33.
Insider Activity at Porch Group
In other news, CFO Shawn Tabak sold 24,294 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $9.66, for a total value of $234,680.04. Following the completion of the sale, the chief financial officer owned 118,130 shares of the company’s stock, valued at approximately $1,141,135.80. This represents a 17.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 57,216 shares of company stock valued at $553,129. Corporate insiders own 23.32% of the company’s stock.
Institutional Trading of Porch Group
A number of large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its stake in shares of Porch Group by 134.7% during the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after purchasing an additional 130,166 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after purchasing an additional 2,002 shares during the period. Goldman Sachs Group Inc. increased its position in Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after buying an additional 26,119 shares during the last quarter. Creative Planning bought a new stake in Porch Group in the second quarter valued at approximately $136,000. Finally, Legal & General Group Plc lifted its position in shares of Porch Group by 1,203.8% in the second quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock valued at $1,282,000 after buying an additional 100,417 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Porch Group in a report on Monday, December 29th. Oppenheimer set a $20.00 target price on Porch Group in a report on Thursday, November 6th. Zacks Research lowered Porch Group from a “hold” rating to a “strong sell” rating in a report on Monday, January 19th. Benchmark reiterated a “buy” rating on shares of Porch Group in a report on Friday, January 16th. Finally, B. Riley Financial restated a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Eight analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $16.31.
Get Our Latest Analysis on Porch Group
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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