Brokerages Set Porch Group, Inc. (NASDAQ:PRCH) Target Price at $7.89

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) has been given an average recommendation of "Buy" by the eight ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.89.

PRCH has been the subject of several recent research reports. Oppenheimer increased their target price on shares of Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research report on Wednesday. Loop Capital upgraded Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a report on Wednesday, February 26th. Stephens upped their price objective on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Finally, Benchmark boosted their target price on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday.

Porch Group Price Performance

Shares of NASDAQ PRCH traded down $0.59 during trading hours on Friday, hitting $10.29. 2,367,546 shares of the stock were exchanged, compared to its average volume of 2,013,601. The company's 50 day moving average is $6.36 and its 200 day moving average is $5.08. The firm has a market capitalization of $1.24 billion, a P/E ratio of -14.70 and a beta of 2.44. Porch Group has a one year low of $1.05 and a one year high of $11.35.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. Research analysts anticipate that Porch Group will post -0.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares of the company's stock, valued at approximately $1,086,658.65. The trade was a 37.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Matthew Neagle sold 27,328 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the sale, the chief operating officer now directly owns 1,356,729 shares in the company, valued at $9,483,535.71. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,554 shares of company stock worth $1,273,590. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds have recently bought and sold shares of the company. Granahan Investment Management LLC grew its holdings in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Vanguard Group Inc. lifted its position in Porch Group by 5.7% in the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock worth $42,457,000 after purchasing an additional 312,370 shares during the period. Portolan Capital Management LLC boosted its stake in shares of Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after acquiring an additional 1,900,416 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Porch Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company's stock valued at $9,905,000 after buying an additional 24,824 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Porch Group by 4.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company's stock valued at $9,398,000 after purchasing an additional 76,701 shares in the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.