Porch Group, Inc. (NASDAQ:PRCH) Receives Consensus Rating of “Buy” from Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have received a consensus rating of “Buy” from the nine analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $10.28.

Several brokerages recently issued reports on PRCH. Benchmark raised their target price on Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Oppenheimer lifted their price objective on Porch Group from $9.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stephens boosted their target price on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Loop Capital reaffirmed a “buy” rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Finally, B. Riley started coverage on Porch Group in a research note on Tuesday. They set a “buy” rating and a $15.00 price target for the company.

Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 30,000 shares of Porch Group stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total value of $336,900.00. Following the sale, the chief financial officer owned 172,671 shares of the company’s stock, valued at approximately $1,939,095.33. The trade was a 14.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Matthew Neagle sold 250,000 shares of Porch Group stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $10.23, for a total transaction of $2,557,500.00. Following the completion of the sale, the chief operating officer directly owned 1,198,080 shares in the company, valued at $12,256,358.40. This trade represents a 17.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 475,000 shares of company stock worth $4,895,150 over the last 90 days. 23.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCH. Rhumbline Advisers increased its holdings in shares of Porch Group by 28.7% in the first quarter. Rhumbline Advisers now owns 99,436 shares of the company’s stock worth $725,000 after purchasing an additional 22,159 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Porch Group by 92.5% during the first quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company’s stock worth $11,800,000 after purchasing an additional 778,240 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after purchasing an additional 26,119 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after purchasing an additional 2,002 shares during the period. Finally, Bosun Asset Management LLC purchased a new stake in Porch Group in the first quarter worth about $209,000. Institutional investors own 48.48% of the company’s stock.

Porch Group Stock Performance

Shares of PRCH stock opened at $12.44 on Friday. The stock’s fifty day moving average price is $9.77 and its two-hundred day moving average price is $6.91. The company has a market cap of $1.51 billion, a PE ratio of -88.86 and a beta of 2.67. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $12.83.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.09. The firm had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. On average, equities analysts predict that Porch Group will post -0.63 EPS for the current fiscal year.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.