Zacks: Brokerages Expect Porch Group, Inc. (NASDAQ:PRCH) Will Post Quarterly Sales of $53.98 Million

Wall Street analysts expect Porch Group, Inc. (NASDAQ:PRCH) to announce $53.98 million in sales for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Porch Group’s earnings, with the highest sales estimate coming in at $54.15 million and the lowest estimate coming in at $53.70 million. The business is expected to issue its next earnings results on Tuesday, March 29th.

On average, analysts expect that Porch Group will report full year sales of $194.83 million for the current year, with estimates ranging from $194.55 million to $195.00 million. For the next fiscal year, analysts anticipate that the firm will report sales of $302.76 million, with estimates ranging from $288.46 million to $319.90 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Porch Group.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Monday, November 15th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.01. The company had revenue of $62.77 million for 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%.

Several equities analysts have recently commented on the stock. Northland Securities boosted their price target on shares of Porch Group from $25.00 to $30.00 and gave the company an “outperform” rating in a report on Tuesday, November 16th. Benchmark upped their price objective on shares of Porch Group from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, November 16th. Zacks Investment Research cut shares of Porch Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 20th. Loop Capital began coverage on shares of Porch Group in a report on Monday, November 1st. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Berenberg Bank began coverage on shares of Porch Group in a report on Tuesday. They issued a “buy” rating and a $21.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $25.45.

Shares of NASDAQ:PRCH opened at $12.26 on Wednesday. Porch Group has a 12 month low of $11.73 and a 12 month high of $27.50. The stock’s 50 day moving average price is $18.63 and its 200 day moving average price is $18.69. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.89 and a quick ratio of 1.89.

In related news, Director Asha Sharma sold 103,360 shares of Porch Group stock in a transaction on Friday, November 5th. The shares were sold at an average price of $22.58, for a total value of $2,333,868.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Matthew Neagle sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 19th. The shares were sold at an average price of $16.94, for a total transaction of $42,350.00. 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 currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its holdings in shares of Porch Group by 9.4% during the 2nd quarter. Wells Fargo & Company MN now owns 10,362 shares of the company’s stock worth $200,000 after acquiring an additional 888 shares in the last quarter. Millrace Asset Group Inc. raised its holdings in 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 purchasing an additional 935 shares in the last quarter. Citigroup Inc. grew its stake in shares of Porch Group by 3.8% during 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% during 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 Porch Group in the second quarter valued at approximately $38,000. Institutional investors own 81.11% of the company’s stock.

About Porch Group

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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