Porch Group (NASDAQ:PRCH) Stock Price Expected to Rise, Oppenheimer Analyst Says

Porch Group (NASDAQ:PRCH - Get Free Report) had its price objective upped by investment analysts at Oppenheimer from $9.00 to $14.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price suggests a potential upside of 13.82% from the stock's current price.

Several other research firms have also recently commented on PRCH. Benchmark upped their price target on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods upped their target price on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Loop Capital reissued a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. B. Riley initiated coverage on Porch Group in a report on Tuesday. They set a "buy" rating and a $15.00 price objective on the stock. Finally, Stephens increased their target price on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $10.28.

Porch Group Price Performance

NASDAQ PRCH traded down $0.14 on Wednesday, hitting $12.30. 1,282,806 shares of the company were exchanged, compared to its average volume of 2,185,445. The company's 50 day moving average price is $10.04 and its 200-day moving average price is $7.01. Porch Group has a twelve month low of $1.05 and a twelve month high of $12.83. The firm has a market capitalization of $1.49 billion, a P/E ratio of -87.86 and a beta of 2.67.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. As a group, equities analysts expect that Porch Group will post -0.63 EPS for the current year.

Insider Transactions at Porch Group

In other Porch Group news, Director Alan R. Pickerill sold 40,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total transaction of $450,400.00. Following the completion of the sale, the director owned 182,416 shares in the company, valued at approximately $2,054,004.16. The trade was a 17.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Rachel Lam sold 25,000 shares of the stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $10.75, for a total value of $268,750.00. Following the completion of the transaction, the director directly owned 202,991 shares in the company, valued at $2,182,153.25. The trade was a 10.97% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,000 shares of company stock valued at $4,895,150. 23.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently modified their holdings of PRCH. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Porch Group in the 4th quarter valued at about $176,000. Rhumbline Advisers grew its holdings in shares of Porch Group by 28.7% during the first quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock worth $725,000 after buying an additional 22,159 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Porch Group by 801.6% during the first quarter. GAMMA Investing LLC now owns 91,285 shares of the company's stock worth $665,000 after buying an additional 81,160 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in Porch Group in the 4th quarter valued at approximately $51,000. Finally, JPMorgan Chase & Co. lifted its stake in Porch Group by 225.1% in the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock valued at $3,593,000 after acquiring an additional 505,660 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.