Porch Group, Inc. (NASDAQ:PRCH) Given Consensus Recommendation of "Buy" by Brokerages

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) has received an average recommendation of "Buy" from the eight analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $8.89.

A number of equities analysts have recently issued reports on PRCH shares. Benchmark increased their price objective on shares of Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Oppenheimer upped their target price on Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Loop Capital restated a "buy" rating and set a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th.

Insider Activity at Porch Group

In other news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $10.53, for a total value of $631,800.00. Following the completion of the sale, the chief operating officer now owns 1,138,080 shares in the company, valued at $11,983,982.40. This represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Shawn Tabak sold 10,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the sale, the chief financial officer now owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. This trade represents a 4.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 467,328 shares of company stock valued at $4,404,523. 23.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Porch Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Porch Group during the fourth quarter valued at approximately $176,000. JPMorgan Chase & Co. increased its position in shares of Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock valued at $3,593,000 after purchasing an additional 505,660 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock valued at $27,117,000 after purchasing an additional 1,100,224 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after purchasing an additional 5,273 shares during the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Porch Group during the 4th quarter valued at $245,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Porch Group Stock Up 16.4%

PRCH traded up $1.53 during trading on Tuesday, hitting $10.86. The company's stock had a trading volume of 4,539,297 shares, compared to its average volume of 2,141,679. Porch Group has a twelve month low of $1.05 and a twelve month high of $12.20. The stock's fifty day moving average price is $7.70 and its 200-day moving average price is $6.07. The firm has a market capitalization of $1.32 billion, a P/E ratio of -15.51 and a beta of 2.63.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. The company had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. Equities research analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

About Porch Group

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.