Porch Group (NASDAQ:PRCH) Rating Lowered to Hold at Zacks Research

Key Points

• Porch Group has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, marking a significant change in its market perception.
• Despite the downgrade, several analysts have increased target prices for Porch Group's stock, with Oppenheimer setting a target of $17.00 and Benchmark increasing theirs to $17.00 as well.
• Porch Group's stock has shown substantial fluctuation, opening at $16.63 recently, with a 12-month high of $17.38 and a low of $1.15.

Porch Group (NASDAQ:PRCH - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

PRCH has been the subject of several other reports. Oppenheimer lifted their target price 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. Loop Capital reaffirmed a "buy" rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Cantor Fitzgerald raised shares of Porch Group to a "strong-buy" rating in a research note on Friday, August 15th. Benchmark reaffirmed a "buy" rating and issued a $17.00 target price (up from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Finally, B. Riley initiated coverage on shares of Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $13.71.

Porch Group Trading Up 6.3%

Shares of Porch Group stock opened at $16.63 on Thursday. Porch Group has a 12-month low of $1.15 and a 12-month high of $17.38. The stock has a market cap of $2.04 billion, a PE ratio of 32.61 and a beta of 2.72. The company has a 50-day moving average of $13.14 and a two-hundred day moving average of $9.20.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Activity at Porch Group

In other news, Director Rachel Lam sold 25,000 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the sale, the director directly owned 177,991 shares of the company's stock, valued at $2,707,243.11. The trade was a 12.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Shawn Tabak sold 30,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total transaction of $336,900.00. Following the sale, the chief financial officer directly owned 172,671 shares of the company's stock, valued at $1,939,095.33. This represents a 14.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 180,000 shares of company stock valued at $2,032,700 over the last quarter. 23.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming acquired a new position in shares of Porch Group during the 2nd quarter valued at $111,000. Tower Research Capital LLC TRC lifted its holdings in shares of Porch Group by 235.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 31,589 shares of the company's stock valued at $372,000 after acquiring an additional 22,185 shares in the last quarter. HRT Financial LP acquired a new position in shares of Porch Group during the 2nd quarter valued at $2,729,000. G2 Investment Partners Management LLC lifted its holdings in shares of Porch Group by 28.4% during the 2nd quarter. G2 Investment Partners Management LLC now owns 1,229,183 shares of the company's stock valued at $14,492,000 after acquiring an additional 271,561 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its holdings in shares of Porch Group by 41.3% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,459,623 shares of the company's stock valued at $28,999,000 after acquiring an additional 719,412 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.

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