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

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.

Porch Group (NASDAQ:PRCH - Free Report) had its target price hoisted by Benchmark from $17.00 to $21.00 in a research note released on Wednesday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the company. The Goldman Sachs Group started coverage on Porch Group in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 target price on the stock. B. Riley assumed coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price target on the stock. Zacks Research cut shares of Porch Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Loop Capital reaffirmed 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. Finally, Keefe, Bruyette & Woods raised their price objective on Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $15.67.

Porch Group Price Performance

NASDAQ PRCH traded down $0.71 on Wednesday, reaching $17.44. The company had a trading volume of 2,577,005 shares, compared to its average volume of 1,985,751. The firm has a market capitalization of $2.14 billion, a PE ratio of 34.20 and a beta of 2.84. Porch Group has a 1 year low of $1.26 and a 1 year high of $19.22. The firm has a 50-day moving average of $14.95 and a 200-day moving average of $10.55.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million during the quarter, compared to analysts' expectations 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. As a group, sell-side analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 55,000 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total value of $1,027,950.00. Following the sale, the chief operating officer directly owned 999,784 shares of the company's stock, valued at $18,685,962.96. This trade represents a 5.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Regi Vengalil sold 40,000 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $18.20, for a total value of $728,000.00. Following the completion of the sale, the director directly owned 165,903 shares in the company, valued at $3,019,434.60. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 120,000 shares of company stock valued at $2,136,200 over the last three months. Company insiders own 23.32% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in Porch Group by 5.7% during the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock worth $42,457,000 after acquiring an additional 312,370 shares during the period. Marshall Wace LLP grew its holdings in Porch Group by 55.2% during the second quarter. Marshall Wace LLP now owns 3,341,484 shares of the company's stock worth $39,396,000 after acquiring an additional 1,188,273 shares during the period. Driehaus Capital Management LLC grew its holdings in Porch Group by 84.6% during the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock worth $23,389,000 after acquiring an additional 1,470,580 shares during the period. Invesco Ltd. grew its holdings in Porch Group by 72.2% during the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after acquiring an additional 1,213,951 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC grew its holdings in Porch Group by 41.3% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,459,623 shares of the company's stock worth $28,999,000 after acquiring an additional 719,412 shares during the period. 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.