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Porch Group (NASDAQ:PRCH) Price Target Raised to $21.00

Porch Group logo with Computer and Technology background

Key Points

  • Benchmark raised its price target for Porch Group (NASDAQ:PRCH) from $17.00 to $21.00, indicating a potential upside of 11.94%.
  • Porch Group reported positive earnings, with EPS of $0.03 surpassing expectations and revenue of $119.30 million, exceeding consensus estimates.
  • A majority of analysts currently have a consensus rating of Moderate Buy on Porch Group stock, with an average price target of $15.67.
  • MarketBeat previews top five stocks to own in November.

Porch Group (NASDAQ:PRCH - Free Report) had its price objective upped by Benchmark from $17.00 to $21.00 in a research report report published on Wednesday morning, Marketbeat.com reports. Benchmark currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on the stock. Loop Capital reissued a "buy" rating and set a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 target price on shares of Porch Group in a report on Tuesday, September 2nd. The Goldman Sachs Group began coverage on Porch Group in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 price objective for the company. B. Riley assumed coverage on Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price objective for the company. Finally, Zacks Research cut shares of Porch Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Porch Group has a consensus rating of "Moderate Buy" and a consensus price target of $15.67.

Check Out Our Latest Stock Analysis on Porch Group

Porch Group Stock Performance

Shares of PRCH stock traded up $0.26 during trading hours on Wednesday, reaching $17.70. The company had a trading volume of 1,153,001 shares, compared to its average volume of 2,418,142. Porch Group has a 12-month low of $1.26 and a 12-month high of $19.22. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 34.56 and a beta of 2.83. The stock has a fifty day moving average of $14.95 and a 200-day moving average of $10.58.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million for the quarter, compared to the consensus estimate of $98.06 million. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%. Porch Group has set its FY 2025 guidance at EPS. On average, analysts forecast that Porch Group will post -0.63 EPS for the current year.

Insider Activity

In other news, Director Regi Vengalil sold 40,000 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $18.20, for a total transaction of $728,000.00. Following the completion of the transaction, the director owned 165,903 shares of the company's stock, valued at $3,019,434.60. This represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Matthew Neagle sold 55,000 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 999,784 shares of the company's stock, valued at approximately $18,685,962.96. This trade represents a 5.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,000 shares of company stock valued at $2,136,200 over the last quarter. Company insiders own 23.32% of the company's stock.

Institutional Investors Weigh In On Porch Group

Large investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new position in Porch Group in the 1st quarter worth $29,000. AlphaQuest LLC purchased a new stake in shares of Porch Group during the second quarter worth about $33,000. Raymond James Financial Inc. acquired a new position in shares of Porch Group in the fourth quarter worth about $50,000. Ameriprise Financial Inc. acquired a new position in shares of Porch Group in the fourth quarter worth about $51,000. Finally, Squarepoint Ops LLC purchased a new position in Porch Group in the fourth quarter valued at about $57,000. 48.48% of the stock is owned by institutional investors and hedge funds.

About Porch Group

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Porch Group (NASDAQ:PRCH)

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