Porch Group (NASDAQ:PRCH) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Porch Group (NASDAQ:PRCH) from a hold rating to a strong sell rating in a research note released on Monday,Zacks.com reports.

PRCH has been the subject of a number of other research reports. B. Riley reissued a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Oppenheimer set a $20.00 target price on Porch Group in a report on Thursday, November 6th. Benchmark reissued a “buy” rating on shares of Porch Group in a research note on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Porch Group in a research note on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Porch Group Price Performance

NASDAQ:PRCH opened at $8.05 on Monday. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 36.18. Porch Group has a 52 week low of $3.72 and a 52 week high of $19.44. The stock’s 50-day moving average price is $9.31 and its 200-day moving average price is $13.20. The stock has a market capitalization of $995.66 million, a PE ratio of 27.76 and a beta of 3.07.

Porch Group (NASDAQ:PRCH) 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). Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%.The business had revenue of $118.08 million for the quarter, compared to analysts’ expectations of $114.42 million. As a group, equities analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 24,294 shares of Porch Group stock in a transaction 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 sale, the chief financial officer owned 118,130 shares in the company, valued at $1,141,135.80. The trade was a 17.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 57,216 shares of company stock valued at $553,129 in the last quarter. 23.32% of the stock is owned by insiders.

Institutional Trading of Porch Group

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its stake 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 buying an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Porch Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after buying an additional 2,002 shares during the period. Goldman Sachs Group Inc. increased its stake in Porch Group by 2.3% during the 1st 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 period. Hennessy Advisors Inc. acquired a new stake in Porch Group during the 2nd quarter worth approximately $19,607,000. Finally, Viewpoint Capital Management LLC boosted its holdings in Porch Group by 1.7% in the second quarter. Viewpoint Capital Management LLC now owns 208,400 shares of the company’s stock valued at $2,457,000 after purchasing an additional 3,500 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.