Benchmark Reiterates "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.

Benchmark reissued their buy rating on shares of Porch Group (NASDAQ:PRCH - Free Report) in a report published on Wednesday morning, MarketBeat Ratings reports. The firm currently has a $17.00 price objective on the stock, up from their prior price objective of $12.00.

Several other analysts have also recently issued reports on PRCH. Keefe, Bruyette & Woods increased their price objective on Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. B. Riley initiated coverage on Porch Group in a report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective on the stock. Oppenheimer raised their price target 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 previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $10.91.

Porch Group Trading Down 2.1%

Porch Group stock traded down $0.27 during mid-day trading on Wednesday, hitting $12.35. The company's stock had a trading volume of 632,860 shares, compared to its average volume of 2,447,130. The firm has a market capitalization of $1.50 billion, a PE ratio of -88.09 and a beta of 2.67. Porch Group has a 1 year low of $1.05 and a 1 year high of $14.34. The stock's fifty day moving average is $11.62 and its two-hundred day moving average is $8.04.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results 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 company had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. On average, equities analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 30,000 shares of Porch Group stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total value of $336,900.00. Following the completion of the sale, the chief financial officer directly owned 172,671 shares of the company's stock, valued at approximately $1,939,095.33. The trade was a 14.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alan R. Pickerill sold 40,000 shares of the business'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 sale, the director directly owned 182,416 shares of the company's stock, valued at $2,054,004.16. This represents a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 465,000 shares of company stock valued at $4,841,750. Company insiders own 23.32% of the company's stock.

Institutional Trading of Porch Group

Institutional investors have recently made changes to their positions in the stock. Granahan Investment Management LLC lifted its holdings in shares of Porch Group by 19.0% during the 4th 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 in the last quarter. Vanguard Group Inc. grew its position in shares of Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock valued at $42,457,000 after buying an additional 312,370 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of Porch Group by 84.6% during the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock valued at $23,389,000 after buying an additional 1,470,580 shares during the last quarter. Invesco Ltd. grew its position in Porch Group by 72.2% in the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after purchasing an additional 1,213,951 shares during the last quarter. Finally, Portolan Capital Management LLC grew its position in Porch Group by 476.0% in the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.