Porch Group (NASDAQ:PRCH) Now Covered by The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has initiated coverage on Porch Group (NASDAQ: PRCH), assigning a "buy" rating with a price target of $21.00, indicating a potential upside of 23.75% from its current price.
• Porch Group recently reported positive earnings, with an EPS of $0.03, exceeding analysts' expectations and generating revenues of $119.30 million for the quarter.
• Insider activity includes significant stock sales by company executives, with Director Rachel Lam and CFO Shawn Tabak reducing their holdings, indicating potential concerns among insiders.

Equities research analysts at The Goldman Sachs Group started coverage on shares of Porch Group (NASDAQ:PRCH - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage set a "buy" rating and a $21.00 price target on the stock. The Goldman Sachs Group's price objective suggests a potential upside of 15.38% from the company's current price.

A number of other equities analysts also recently commented on the stock. Zacks Research downgraded shares of Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Cantor Fitzgerald raised shares of Porch Group to a "strong-buy" rating in a report on Friday, August 15th. B. Riley initiated coverage on shares of Porch Group in a report on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a report on Wednesday, August 13th. Finally, Loop Capital reiterated a "buy" rating and issued a $13.00 price target (up from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.22.

Porch Group Trading Up 1.4%

Shares of PRCH traded up $0.25 during trading hours on Tuesday, reaching $18.20. The company had a trading volume of 2,273,989 shares, compared to its average volume of 1,858,474. The firm has a 50 day simple moving average of $14.34 and a 200-day simple moving average of $10.05. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 35.69 and a beta of 2.84. Porch Group has a 12-month low of $1.15 and a 12-month high of $18.70.

Porch Group (NASDAQ:PRCH - Get Free Report) last released 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 net margin of 12.82% and a negative return on equity of 41.71%. The company had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Porch Group will post -0.63 earnings per share for the current year.

Insiders Place Their Bets

In other Porch Group news, Director Alan R. Pickerill sold 40,000 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $11.26, for a total transaction of $450,400.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shawn Tabak sold 30,000 shares of the business's 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 in the company, valued at approximately $1,939,095.33. The trade was a 14.80% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,000 shares of company stock worth $1,436,300. Company insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

A number of large investors have recently made changes to their positions in PRCH. FNY Investment Advisers LLC acquired a new position in shares of Porch Group in the 1st quarter valued at about $29,000. AlphaQuest LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at about $33,000. Raymond James Financial Inc. acquired a new position in shares of Porch Group in the 4th quarter valued at about $50,000. Ameriprise Financial Inc. acquired a new position in shares of Porch Group in the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC increased 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 purchasing an additional 5,273 shares during the period. Institutional investors and hedge funds own 48.48% of the company's stock.

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.