Porch Group, Inc. (NASDAQ:PRCH – Free Report) – Research analysts at Northland Capmk lowered their Q4 2023 earnings per share estimates for Porch Group in a research note issued to investors on Wednesday, November 8th. Northland Capmk analyst M. Grondahl now expects that the company will post earnings per share of ($0.20) for the quarter, down from their previous estimate of ($0.19). The consensus estimate for Porch Group’s current full-year earnings is ($1.38) per share.
Porch Group (NASDAQ:PRCH – Get Free Report) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.23). The company had revenue of $98.77 million for the quarter, compared to analysts’ expectations of $89.00 million. Porch Group had a negative return on equity of 1,182.09% and a negative net margin of 43.95%.
Porch Group Stock Performance
Porch Group stock opened at $1.04 on Friday. The company has a debt-to-equity ratio of 9.40, a quick ratio of 1.09 and a current ratio of 1.08. The stock has a fifty day moving average of $0.72 and a two-hundred day moving average of $1.02. The company has a market capitalization of $102.37 million, a price-to-earnings ratio of -0.60 and a beta of 0.96. Porch Group has a fifty-two week low of $0.50 and a fifty-two week high of $3.99.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of PRCH. Fidelity National Financial Inc. acquired a new position in shares of Porch Group during the third quarter worth about $3,772,000. FMR LLC lifted its stake in shares of Porch Group by 7,804.2% during the first quarter. FMR LLC now owns 3,267,678 shares of the company’s stock worth $4,673,000 after purchasing an additional 3,226,337 shares in the last quarter. State Street Corp lifted its stake in shares of Porch Group by 57.2% during the second quarter. State Street Corp now owns 3,289,130 shares of the company’s stock worth $8,420,000 after purchasing an additional 1,196,716 shares in the last quarter. Jacob Asset Management of New York LLC lifted its stake in shares of Porch Group by 146.4% during the second quarter. Jacob Asset Management of New York LLC now owns 1,974,747 shares of the company’s stock worth $2,725,000 after purchasing an additional 1,173,272 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Porch Group by 40.6% during the second quarter. Goldman Sachs Group Inc. now owns 3,692,247 shares of the company’s stock worth $9,452,000 after purchasing an additional 1,065,665 shares in the last quarter. Institutional investors and hedge funds own 78.75% of the company’s stock.
Insider Activity at Porch Group
In other news, CEO Matt Ehrlichman bought 113,621 shares of Porch Group stock in a transaction that occurred on Monday, September 25th. The shares were purchased at an average price of $0.76 per share, for a total transaction of $86,351.96. Following the completion of the acquisition, the chief executive officer now owns 13,645,911 shares of the company’s stock, valued at $10,370,892.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders have bought 1,364,518 shares of company stock worth $1,090,651. 20.95% of the stock is owned by insiders.
About Porch Group
Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, mortgage companies and loan officers, and title companies; consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.
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