Porch Group, Inc. (NASDAQ:PRCH) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Porch Group, Inc. (NASDAQ:PRCH) has received an average rating of “Moderate Buy” from 11 brokerages, with a consensus target price of $16.56.
• Insider transactions show that Director Amanda L. Reierson sold 50,000 shares, amounting to $883,500, indicating a decrease in her holdings by nearly 25%.
• Porch Group recently reported earnings per share of $0.03, surpassing expectations, and generated $119.30 million in revenue for the quarter.

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) have been assigned an average rating of "Moderate Buy" from the eleven ratings firms that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $16.5556.

PRCH has been the topic of several recent analyst reports. Zacks Research cut Porch Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Benchmark increased their price objective on Porch Group from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Oppenheimer reiterated an "outperform" rating and issued a $25.00 price objective (up from $17.00) on shares of Porch Group in a research report on Monday, September 22nd. Keefe, Bruyette & Woods raised their price target 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. Finally, The Goldman Sachs Group began coverage on shares of Porch Group in a report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 price target on the stock.

Insider Activity at Porch Group

In other Porch Group news, Director Amanda L. Reierson sold 50,000 shares of the company's stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $17.67, for a total transaction of $883,500.00. Following the transaction, the director owned 151,375 shares in the company, valued at approximately $2,674,796.25. This represents a 24.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew Neagle sold 55,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer directly owned 999,784 shares of the company's stock, valued at $18,685,962.96. This represents a 5.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 170,000 shares of company stock worth $3,019,700 over the last ninety days. Corporate insiders own 23.32% of the company's stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in Porch Group during the first quarter valued at $29,000. AlphaQuest LLC purchased a new stake in shares of Porch Group in the 2nd quarter worth about $33,000. Ameriprise Financial Inc. bought a new position in shares of Porch Group in the 4th quarter worth about $51,000. Squarepoint Ops LLC bought a new position in shares of Porch Group in the 4th quarter worth about $57,000. Finally, CWM LLC lifted its position in Porch Group by 112.2% during the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock valued at $64,000 after acquiring an additional 4,617 shares during the period. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Stock Up 1.3%

Shares of NASDAQ PRCH opened at $17.02 on Monday. The firm's fifty day moving average is $16.35 and its 200 day moving average is $11.77. Porch Group has a 52 week low of $1.26 and a 52 week high of $19.44. The company has a market cap of $2.09 billion, a price-to-earnings ratio of 33.37 and a beta of 2.87.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.16. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. The business had revenue of $119.30 million during the quarter, compared to analysts' expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Porch Group will post -0.63 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.