Porch Group, Inc. (NASDAQ:PRCH) Receives $16.56 Consensus Target Price from Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been given a consensus recommendation of “Moderate Buy” by the eleven analysts that are presently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $16.5556.

Several research analysts have recently issued reports on PRCH shares. Zacks Research cut shares of Porch Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. The Goldman Sachs Group started coverage on shares of Porch Group in a report on Tuesday, September 2nd. They issued a “buy” rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on shares of Porch Group from $7.00 to $16.00 and gave the company a “market perform” rating in a report on Wednesday, August 13th. Oppenheimer reiterated an “outperform” rating and issued a $25.00 price objective (up from $17.00) on shares of Porch Group in a report on Monday, September 22nd. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 price objective on shares of Porch Group in a report on Tuesday, September 2nd.

Porch Group Stock Performance

Shares of PRCH opened at $14.61 on Friday. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of 28.65 and a beta of 2.84. Porch Group has a one year low of $2.02 and a one year high of $19.44. The stock’s fifty day moving average is $16.71 and its 200-day moving average is $13.25.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.16. The company had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%. Analysts forecast that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Matthew Neagle sold 55,000 shares of Porch Group stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total transaction of $1,027,950.00. Following the transaction, the chief operating officer directly owned 999,784 shares of the company’s stock, valued at $18,685,962.96. The trade was a 5.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Regi Vengalil sold 40,000 shares of Porch Group stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $18.20, for a total value of $728,000.00. Following the transaction, the director directly owned 165,903 shares in the company, valued at approximately $3,019,434.60. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 145,000 shares of company stock valued at $2,639,450 over the last three months. Company insiders own 23.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. AlphaQuest LLC grew its holdings in Porch Group by 265.4% during the third quarter. AlphaQuest LLC now owns 10,074 shares of the company’s stock worth $169,000 after acquiring an additional 7,317 shares during the period. Arizona State Retirement System purchased a new position in Porch Group in the 3rd quarter worth about $333,000. AE Wealth Management LLC increased its stake in Porch Group by 3.0% in the 3rd quarter. AE Wealth Management LLC now owns 116,664 shares of the company’s stock worth $1,958,000 after purchasing an additional 3,350 shares in the last quarter. New York State Common Retirement Fund increased its stake in Porch Group by 99.0% in the 3rd quarter. New York State Common Retirement Fund now owns 50,746 shares of the company’s stock worth $852,000 after purchasing an additional 25,246 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Porch Group by 6,326.1% in the 3rd quarter. Federated Hermes Inc. now owns 45,818 shares of the company’s stock worth $769,000 after purchasing an additional 45,105 shares in the last quarter. 48.48% of the stock is 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.