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

Key Points

• Porch Group, Inc. has received a consensus recommendation of "Buy" from eight ratings firms, with an average 12-month target price of $13.71.
• In recent upgrades, analysts from Cantor Fitzgerald and Oppenheimer boosted ratings to "strong-buy" and "outperform", respectively, raising price targets significantly.
• Despite posting a positive EPS of $0.03, Porch Group reported a negative return on equity of 41.71% and had a revenue of $119.30 million which exceeded analyst estimates of $98.06 million.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) has been assigned an average recommendation of "Buy" from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $13.7143.

Several research analysts have recently issued reports on PRCH shares. Cantor Fitzgerald upgraded Porch Group to a "strong-buy" rating in a research report on Friday. Benchmark restated a "buy" rating and issued a $17.00 price target (up from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. B. Riley started coverage on Porch Group in a research report on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price target on the stock. Oppenheimer raised their price target on Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Finally, Loop Capital reaffirmed a "buy" rating and set a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th.

Porch Group Stock Performance

Shares of PRCH opened at $15.34 on Friday. Porch Group has a 52 week low of $1.15 and a 52 week high of $17.38. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 30.08 and a beta of 2.72. The business's fifty day moving average price is $12.68 and its two-hundred day moving average price is $8.84.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.16. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%. The business had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. As a group, research analysts forecast that Porch Group will post -0.63 EPS for the current year.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 30,000 shares of Porch Group stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $11.23, for a total value of $336,900.00. Following the sale, the chief financial officer owned 172,671 shares of the company's stock, valued at $1,939,095.33. This trade represents a 14.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rachel Lam sold 25,000 shares of Porch Group stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total value of $380,250.00. Following the completion of the sale, the director directly owned 177,991 shares in the company, valued at $2,707,243.11. This represents a 12.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 240,000 shares of company stock worth $2,664,500. Company insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

Hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC bought a new position in shares of Porch Group in the 1st quarter valued at about $29,000. AlphaQuest LLC bought a new position in shares of Porch Group in the 2nd quarter valued at about $33,000. Raymond James Financial Inc. bought a new position in shares of Porch Group in the 4th quarter valued at about $50,000. Ameriprise Financial Inc. bought a new position in shares of Porch Group in the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after acquiring an additional 5,273 shares in the last quarter. Institutional investors own 48.48% of the company's stock.

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.

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