Benchmark Reaffirms Buy Rating for Porch Group (NASDAQ:PRCH)

Key Points

• Benchmark Research Analysts raised Porch Group's price target from $12.00 to $17.00, indicating a potential upside of 30.77% from its current price.
• Several other firms have also upgraded their price objectives, with Loop Capital setting a new target of $13.00 and Oppenheimer increasing theirs to $14.00.
• Insider transactions revealed that Porch Group's COO sold 60,000 shares for approximately $596,400, representing a 5.27% decrease in ownership, while other insiders have also sold shares recently.

Porch Group (NASDAQ:PRCH - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Benchmark in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $17.00 price objective on the stock, up from their prior price objective of $12.00. Benchmark's price objective would suggest a potential upside of 26.39% from the stock's current price.

Several other research analysts also recently issued reports on PRCH. B. Riley initiated coverage on Porch Group in a research note on Tuesday, July 1st. They set a "buy" rating and a $15.00 price target for the company. Keefe, Bruyette & Woods boosted their target price on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Oppenheimer boosted their target price on Porch Group from $9.00 to $14.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Loop Capital reissued a "buy" rating and set 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 hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $10.91.

Porch Group Stock Up 4.6%

PRCH stock traded up $0.59 during mid-day trading on Wednesday, hitting $13.45. 1,028,020 shares of the company were exchanged, compared to its average volume of 2,446,687. The firm has a market capitalization of $1.63 billion, a P/E ratio of -96.07 and a beta of 2.72. Porch Group has a 12-month low of $1.05 and a 12-month high of $14.34. The business has a fifty day simple moving average of $11.71 and a 200-day simple moving average of $8.20.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.09. The company had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. Research analysts predict that Porch Group will post -0.63 EPS for the current year.

Insider Transactions at Porch Group

In other news, Director Rachel Lam sold 25,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $10.75, for a total transaction of $268,750.00. Following the transaction, the director owned 202,991 shares of the company's stock, valued at approximately $2,182,153.25. This represents a 10.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Matthew Neagle sold 60,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total value of $596,400.00. Following the transaction, the chief operating officer directly owned 1,078,080 shares in the company, valued at approximately $10,716,115.20. This represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 465,000 shares of company stock valued at $4,841,750 over the last 90 days. Company insiders own 23.32% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership acquired a new position in shares of Porch Group during the 4th quarter valued at about $176,000. Rhumbline Advisers grew its holdings in Porch Group by 28.7% in the 1st quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock valued at $725,000 after buying an additional 22,159 shares during the last quarter. GAMMA Investing LLC grew its holdings in Porch Group by 801.6% in the 1st quarter. GAMMA Investing LLC now owns 91,285 shares of the company's stock valued at $665,000 after buying an additional 81,160 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Porch Group during the 4th quarter worth approximately $51,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of 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 purchasing an additional 505,660 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.

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.