Porch Group (NASDAQ:PRCH) Price Target Cut to $3.25 by Analysts at Northland Securities

Porch Group (NASDAQ:PRCH) had its target price dropped by research analysts at Northland Securities from $5.00 to $3.25 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Northland Securities’ price objective would suggest a potential upside of 168.60% from the company’s previous close.

A number of other research firms have also recently weighed in on PRCH. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $3.75 price objective on shares of Porch Group in a report on Tuesday, July 2nd. Craig Hallum decreased their price objective on Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Stephens reaffirmed an “overweight” rating and set a $6.00 target price on shares of Porch Group in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.20.

Porch Group Price Performance

Shares of NASDAQ:PRCH traded down $0.52 during trading on Wednesday, reaching $1.21. 3,141,905 shares of the company’s stock traded hands, compared to its average volume of 1,401,142. The stock has a market capitalization of $120.02 million, a P/E ratio of -1.06 and a beta of 2.06. Porch Group has a 12 month low of $0.50 and a 12 month high of $4.78. The company has a 50 day moving average of $1.82 and a 200-day moving average of $2.71.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Tuesday, August 6th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.07). The firm had revenue of $110.84 million during the quarter, compared to the consensus estimate of $117.91 million. During the same period in the previous year, the business earned ($0.73) earnings per share. Equities research analysts predict that Porch Group will post -0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $2.02, for a total value of $30,300.00. Following the completion of the sale, the chief financial officer now directly owns 295,142 shares of the company’s stock, valued at approximately $596,186.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently modified their holdings of the stock. Harbor Capital Advisors Inc. purchased a new position in Porch Group in the 2nd quarter worth about $1,989,000. Acadian Asset Management LLC raised its holdings in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after acquiring an additional 1,282,500 shares during the period. Granahan Investment Management LLC lifted its position in shares of Porch Group by 12.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,890,749 shares of the company’s stock valued at $36,624,000 after acquiring an additional 1,278,208 shares in the last quarter. Natixis acquired a new position in Porch Group in the 1st quarter worth approximately $3,906,000. Finally, CastleKnight Management LP purchased a new position in Porch Group during the 4th quarter worth approximately $631,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Company Profile

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.