Porch Group (NASDAQ:PRCH) Hits New 1-Year High Following Better-Than-Expected Earnings

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $9.80 and last traded at $9.76, with a volume of 7215599 shares changing hands. The stock had previously closed at $6.34.

The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million for the quarter, compared to analysts' expectations of $79.44 million.

Analyst Upgrades and Downgrades

PRCH has been the subject of a number of recent analyst reports. Oppenheimer raised their price target on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a report on Wednesday. Loop Capital upgraded shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $3.50 to $6.00 and gave the stock a "market perform" rating in a research report on Monday, March 3rd. Stephens raised their target price on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Finally, Benchmark boosted their price target on Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Porch Group presently has an average rating of "Buy" and a consensus target price of $7.46.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 108,226 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at $1,086,658.65. The trade was a 37.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Matthew Neagle sold 27,328 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.99, for a total value of $191,022.72. Following the sale, the chief operating officer now owns 1,356,729 shares of the company's stock, valued at $9,483,535.71. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 205,554 shares of company stock valued at $1,273,590. Corporate insiders own 23.46% of the company's stock.

Institutional Trading of Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Porch Group in the 4th quarter valued at approximately $176,000. Barclays PLC grew its holdings in shares of Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company's stock valued at $207,000 after buying an additional 108,748 shares in the last quarter. Geode Capital Management LLC raised its position in Porch Group by 8.9% during the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock valued at $3,052,000 after buying an additional 163,133 shares during the period. JPMorgan Chase & Co. boosted its position in Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock worth $3,593,000 after acquiring an additional 505,660 shares during the period. Finally, Vanguard Group Inc. grew its stake in 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 acquiring an additional 1,100,224 shares in the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Trading Up 50.9 %

The company has a market cap of $1.15 billion, a price-to-earnings ratio of -13.97 and a beta of 2.44. The business has a fifty day moving average price of $6.13 and a two-hundred day moving average price of $4.86.

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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