Stephens Reiterates Overweight Rating for Porch Group (NASDAQ:PRCH)

Stephens restated their overweight rating on shares of Porch Group (NASDAQ:PRCH - Free Report) in a report published on Thursday, Benzinga reports. The firm currently has a $6.00 price target on the stock.

PRCH has been the subject of several other research reports. Keefe, Bruyette & Woods upped their price target on Porch Group from $3.50 to $3.75 and gave the stock a market perform rating in a research note on Friday, March 22nd. Cantor Fitzgerald increased their target price on Porch Group from $3.00 to $5.00 and gave the company an overweight rating in a research note on Wednesday, April 3rd.

Porch Group Stock Performance

Shares of PRCH traded down $0.09 during trading hours on Thursday, hitting $4.14. 977,226 shares of the company were exchanged, compared to its average volume of 1,659,475. The company has a market cap of $404.06 million, a PE ratio of -2.83 and a beta of 2.16. The firm's 50 day moving average is $3.40 and its 200-day moving average is $2.28. Porch Group has a 52 week low of $0.50 and a 52 week high of $4.78.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Thursday, March 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.13. The company had revenue of $114.61 million during the quarter, compared to the consensus estimate of $99.60 million. Porch Group had a negative return on equity of 1,182.09% and a negative net margin of 31.12%. During the same quarter in the prior year, the company posted ($0.32) EPS. As a group, equities analysts forecast that Porch Group will post -0.83 earnings per share for the current fiscal year.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 25,678 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $4.00, for a total transaction of $102,712.00. Following the completion of the sale, the chief financial officer now owns 311,351 shares in the company, valued at approximately $1,245,404. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 20.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several large investors have recently added to or reduced their stakes in PRCH. Fidelity National Financial Inc. acquired a new position in Porch Group in the 3rd quarter valued at approximately $3,772,000. FMR LLC raised its holdings in Porch Group by 7,804.2% in the 1st quarter. FMR LLC now owns 3,267,678 shares of the company's stock valued at $4,673,000 after acquiring an additional 3,226,337 shares in the last quarter. Granahan Investment Management LLC raised its holdings in 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. State Street Corp raised its holdings in Porch Group by 57.2% in the 2nd quarter. State Street Corp now owns 3,289,130 shares of the company's stock valued at $8,420,000 after acquiring an additional 1,196,716 shares in the last quarter. Finally, Luminus Management LLC raised its holdings in Porch Group by 102.2% in the 3rd quarter. Luminus Management LLC now owns 2,275,000 shares of the company's stock valued at $1,826,000 after acquiring an additional 1,150,000 shares in the last quarter. Institutional investors and hedge funds 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.