Porch Group (NASDAQ:PRCH) Price Target Raised to $16.00 at Keefe, Bruyette & Woods

Key Points

• Porch Group's price target was raised significantly by Keefe, Bruyette & Woods from $7.00 to $16.00, indicating potential growth for investors.
• The stock has recently shown strong performance, with a 4.1% increase on one trading day, and shares opened at $15.50.
• Insider trading activity noted a decrease in ownership stakes, as both the CFO and COO sold significant portions of their shares in recent months.

Porch Group (NASDAQ:PRCH - Free Report) had its price objective hoisted by Keefe, Bruyette & Woods from $7.00 to $16.00 in a report issued on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other research analysts have also commented on PRCH. Oppenheimer increased their price target on shares of Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. 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. Loop Capital reiterated a "buy" rating and issued a $13.00 price objective (up from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Finally, Benchmark reiterated a "buy" rating and issued a $17.00 price objective (up from $12.00) on shares of Porch Group in a report on Wednesday, July 30th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Porch Group has an average rating of "Buy" and an average price target of $13.71.

Porch Group Stock Down 0.5%

Shares of Porch Group stock traded down $0.08 on Wednesday, hitting $15.34. 1,039,288 shares of the company traded hands, compared to its average volume of 2,067,145. The company has a 50-day moving average price of $12.68 and a 200 day moving average price of $8.84. Porch Group has a 12-month low of $1.15 and a 12-month high of $17.38. The company has a market cap of $1.86 billion, a PE ratio of 30.08 and a beta of 2.72.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 EPS 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 for the quarter, compared to analysts' expectations of $98.06 million. Equities research analysts anticipate that Porch Group will post -0.63 EPS for the current year.

Insider Buying and Selling at Porch Group

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total transaction of $596,400.00. Following the completion of the sale, the chief operating officer directly owned 1,078,080 shares in the company, valued at $10,716,115.20. This represents a 5.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rachel Lam sold 25,000 shares of the company's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following the sale, the director owned 177,991 shares of the company's stock, valued at $2,707,243.11. This trade represents a 12.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 240,000 shares of company stock valued at $2,664,500. Company insiders own 23.32% of the company's stock.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. Divisadero Street Capital Management LP bought a new stake in Porch Group during the second quarter valued at about $28,810,000. Granahan Investment Management LLC boosted its holdings in Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after acquiring an additional 1,897,816 shares during the period. Driehaus Capital Management LLC bought a new stake in Porch Group during the fourth quarter valued at about $8,550,000. Hennessy Advisors Inc. bought a new stake in Porch Group during the second quarter valued at about $19,607,000. Finally, Invesco Ltd. boosted its holdings in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock valued at $8,277,000 after acquiring an additional 1,644,614 shares during the period. 48.48% of the stock is currently owned by institutional investors.

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.