Porch Group (NASDAQ:PRCH) Lowered to “Hold” at Loop Capital

Porch Group (NASDAQ:PRCH – Get Rating) was downgraded by equities researchers at Loop Capital from a “buy” rating to a “hold” rating in a report issued on Wednesday, Marketbeat.com reports. They presently have a $2.00 price target on the stock, down from their prior price target of $4.00. Loop Capital’s target price indicates a potential upside of 47.06% from the company’s previous close.

Separately, Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Porch Group in a report on Monday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.03.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $1.36 on Wednesday. The firm has a market cap of $136.76 million, a PE ratio of -0.93 and a beta of 1.00. The firm’s fifty day moving average is $2.65 and its 200-day moving average is $2.18. The company has a debt-to-equity ratio of 3.69, a quick ratio of 1.28 and a current ratio of 1.28. Porch Group has a 52 week low of $0.94 and a 52 week high of $8.33.

Insider Buying and Selling

In other news, major shareholder Park West Asset Management Llc bought 407,874 shares of the stock in a transaction that occurred on Wednesday, January 25th. The stock was acquired at an average price of $2.31 per share, with a total value of $942,188.94. Following the completion of the purchase, the insider now directly owns 12,267,707 shares of the company’s stock, valued at $28,338,403.17. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders bought 1,412,844 shares of company stock valued at $3,488,720 over the last quarter. Insiders own 18.64% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently bought and sold shares of the company. Granahan Investment Management LLC increased its stake in Porch Group by 3.0% in the fourth quarter. Granahan Investment Management LLC now owns 13,378,979 shares of the company’s stock valued at $25,152,000 after purchasing an additional 387,183 shares in the last quarter. Park West Asset Management LLC increased its stake in Porch Group by 3.1% in the third quarter. Park West Asset Management LLC now owns 9,638,164 shares of the company’s stock valued at $21,686,000 after purchasing an additional 287,535 shares in the last quarter. Portolan Capital Management LLC increased its stake in Porch Group by 769.3% in the fourth quarter. Portolan Capital Management LLC now owns 6,341,098 shares of the company’s stock valued at $11,921,000 after purchasing an additional 5,611,649 shares in the last quarter. Villere ST Denis J & Co. LLC increased its stake in Porch Group by 2.1% in the third quarter. Villere ST Denis J & Co. LLC now owns 6,178,376 shares of the company’s stock valued at $13,901,000 after purchasing an additional 127,242 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Porch Group by 3.8% in the first quarter. Vanguard Group Inc. now owns 3,983,072 shares of the company’s stock valued at $27,663,000 after purchasing an additional 144,971 shares in the last quarter.

About Porch Group

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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, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.