Porch Group (NASDAQ:PRCH) Coverage Initiated by Analysts at Berenberg Bank

Berenberg Bank began coverage on shares of Porch Group (NASDAQ:PRCH) in a report released on Tuesday morning, PriceTargets.com reports. The brokerage issued a buy rating and a $21.00 target price on the stock.

PRCH has been the subject of a number of other research reports. Benchmark upped their target price on Porch Group from $30.00 to $32.00 and gave the company a buy rating in a report on Tuesday, November 16th. Loop Capital assumed coverage on Porch Group in a report on Monday, November 1st. They set a buy rating and a $30.00 target price for the company. Zacks Investment Research downgraded Porch Group from a hold rating to a sell rating in a report on Wednesday, October 20th. Northland Securities upped their target price on Porch Group from $25.00 to $30.00 and gave the company an outperform rating in a report on Tuesday, November 16th. Finally, Guggenheim restated a buy rating on shares of Porch Group in a report on Sunday, October 31st. One research analyst has rated the stock with a sell rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Porch Group has an average rating of Buy and an average price target of $25.45.

NASDAQ:PRCH opened at $12.26 on Tuesday. Porch Group has a fifty-two week low of $11.73 and a fifty-two week high of $27.50. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.89 and a quick ratio of 1.89. The business has a 50 day moving average price of $18.63 and a 200-day moving average price of $18.69.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Monday, November 15th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. The firm had revenue of $62.77 million during the quarter, compared to analyst estimates of $56.10 million. Porch Group had a negative return on equity of 46.03% and a negative net margin of 67.09%. As a group, research analysts forecast that Porch Group will post -0.82 earnings per share for the current year.

In other Porch Group news, Director Asha Sharma sold 103,360 shares of the stock in a transaction on Friday, November 5th. The stock was sold at an average price of $22.58, for a total value of $2,333,868.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew Neagle sold 3,000 shares of the stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $16.43, for a total value of $49,290.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,647 shares of company stock valued at $3,365,255. 19.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of Porch Group by 9.4% in the second quarter. Wells Fargo & Company MN now owns 10,362 shares of the company’s stock worth $200,000 after acquiring an additional 888 shares during the last quarter. Millrace Asset Group Inc. grew its stake in shares of Porch Group by 0.7% in the second quarter. Millrace Asset Group Inc. now owns 138,842 shares of the company’s stock worth $2,685,000 after acquiring an additional 935 shares during the last quarter. Citigroup Inc. grew its stake in shares of Porch Group by 3.8% in the third quarter. Citigroup Inc. now owns 41,130 shares of the company’s stock worth $727,000 after acquiring an additional 1,489 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Porch Group by 7.8% in the third quarter. Arizona State Retirement System now owns 22,273 shares of the company’s stock worth $394,000 after acquiring an additional 1,613 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in shares of Porch Group during the second quarter valued at $38,000. 81.11% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Company Profile

Porch Group, Inc operates a software platform in the United States and Canada. It provides software and services under the ISN, HireAHelper, and Kandela brands to home services companies, such as home inspectors, homebuyers and homeowners, insurance carriers, moving companies, security companies, and TV/internet providers, as well as offers moving concierge services.

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Analyst Recommendations for Porch Group (NASDAQ:PRCH)

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