Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Porch Group (NASDAQ:PRCH) to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports. Cantor Fitzgerald also issued estimates for Porch Group’s FY2024 earnings at ($0.81) EPS.

A number of other research firms also recently issued reports on PRCH. Keefe, Bruyette & Woods lowered their target price on shares of Porch Group from $3.75 to $1.50 and set a market perform rating for the company in a report on Thursday, August 8th. Benchmark lowered their price objective on shares of Porch Group from $10.00 to $7.00 and set a buy rating for the company in a research note on Wednesday, August 7th. Northland Securities cut their target price on Porch Group from $5.00 to $3.25 and set an outperform rating on the stock in a research report on Wednesday, August 7th. Oppenheimer lowered their price target on Porch Group from $4.50 to $3.50 and set an outperform rating for the company in a research report on Thursday, August 8th. Finally, Craig Hallum cut their price objective on Porch Group from $5.00 to $3.00 and set a buy rating on the stock in a report on Wednesday, August 7th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and a consensus price target of $4.18.

Porch Group Trading Down 2.3 %

NASDAQ:PRCH opened at $1.25 on Tuesday. The firm has a market cap of $123.99 million, a price-to-earnings ratio of -1.10 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’s 50-day moving average is $1.69 and its two-hundred day moving average is $2.64.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.07). The firm had revenue of $110.84 million during the quarter, compared to analyst estimates of $117.91 million. During the same period in the prior year, the company posted ($0.73) earnings per share. On average, equities research analysts forecast that Porch Group will post -0.72 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 firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $2.02, for a total transaction of $30,300.00. Following the completion of the sale, the chief financial officer now owns 295,142 shares in the company, valued at approximately $596,186.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently modified their holdings of PRCH. SG Americas Securities LLC bought a new stake in Porch Group in the fourth quarter valued at about $53,000. New York State Common Retirement Fund raised its position in shares of Porch Group by 30.3% during the 4th quarter. New York State Common Retirement Fund now owns 210,703 shares of the company’s stock valued at $649,000 after acquiring an additional 49,028 shares in the last quarter. Alpha Cubed Investments LLC bought a new position in Porch Group during the fourth quarter worth $88,000. Victory Capital Management Inc. acquired a new position in Porch Group in the fourth quarter worth $32,000. Finally, AJOVista LLC bought a new stake in Porch Group during the fourth quarter valued at $95,000. Institutional investors own 48.48% of the company’s stock.

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.