Investors Buy High Volume of Porch Group Call Options (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH) saw unusually large options trading on Tuesday. Stock investors bought 11,877 call options on the stock. This represents an increase of approximately 1,008% compared to the average daily volume of 1,072 call options.

In other news, COO Matthew Neagle sold 2,500 shares of Porch Group stock in a transaction that occurred on Tuesday, October 5th. The stock was sold at an average price of $16.04, for a total value of $40,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 37,300 shares of company stock valued at $760,217. Insiders own 19.20% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. bought a new stake in shares of Porch Group during the 2nd quarter worth about $2,277,000. Ophir Asset Management Pty Ltd bought a new stake in shares of Porch Group during the 2nd quarter worth about $12,626,000. Bank of New York Mellon Corp bought a new stake in shares of Porch Group during the 1st quarter worth about $432,000. Envestnet Asset Management Inc. bought a new stake in shares of Porch Group during the 2nd quarter worth about $460,000. Finally, G2 Investment Partners Management LLC boosted its stake in shares of Porch Group by 152.0% during the 1st quarter. G2 Investment Partners Management LLC now owns 646,915 shares of the company’s stock worth $11,450,000 after acquiring an additional 390,243 shares in the last quarter. 67.04% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts recently issued reports on the company. Zacks Investment Research lowered Porch Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 21st. Oppenheimer assumed coverage on Porch Group in a research report on Monday, June 28th. They set an “outperform” rating and a $28.00 price objective for the company. Finally, Benchmark boosted their price objective on Porch Group from $26.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 10th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Porch Group has a consensus rating of “Buy” and a consensus price target of $25.14.

Shares of Porch Group stock opened at $16.58 on Thursday. The stock’s fifty day moving average is $18.61 and its 200-day moving average is $17.60. The firm has a market capitalization of $1.60 billion, a PE ratio of -8.73 and a beta of 0.12. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.19. Porch Group has a 12-month low of $10.03 and a 12-month high of $24.41.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Monday, August 16th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.06. The business had revenue of $51.34 million for the quarter, compared to analyst estimates of $46.01 million. Analysts expect that Porch Group will post -0.62 EPS for the current year.

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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