Porch Group (NASDAQ:PRCH) Reaches New 52-Week High Following Earnings Beat

Key Points

• Porch Group reached a new 52-week high of $16.00 following a positive earnings report, beating EPS estimates by $0.16.
• Wall Street analysts have a favorable outlook on Porch Group, with multiple brokerages raising their target prices to $17.00 and maintaining "buy" ratings.
• Insider selling activity shows that directors sold a significant number of shares, yet corporate insiders still hold 23.32% of the company's stock.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $15.05 and last traded at $16.00, with a volume of 69503 shares traded. The stock had previously closed at $13.16.

The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.16. The business had revenue of $119.30 million for the quarter, compared to the consensus estimate of $98.06 million.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRCH. Oppenheimer upped 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. Benchmark reiterated a "buy" rating and issued a $17.00 target price (up previously from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods boosted their price target 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 began coverage on Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price objective for the company. Finally, Loop Capital reiterated a "buy" rating and issued 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, Porch Group has an average rating of "Buy" and an average target price of $11.28.

Insiders Place Their Bets

In related news, Director Rachel Lam sold 25,000 shares of Porch Group stock in a transaction on Friday, June 13th. The shares were sold at an average price of $10.75, for a total value of $268,750.00. Following the sale, the director owned 202,991 shares of the company's stock, valued at approximately $2,182,153.25. This trade represents a 10.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total transaction of $450,400.00. Following the transaction, the director 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 90 days, insiders sold 465,000 shares of company stock valued at $4,841,750. Corporate insiders own 23.32% of the company's stock.

Institutional Investors Weigh In On Porch Group

Several large investors have recently bought and sold shares of PRCH. FNY Investment Advisers LLC purchased a new position in shares of Porch Group in the first quarter valued at approximately $29,000. AlphaQuest LLC acquired a new stake in shares of Porch Group in the second quarter valued at about $33,000. Raymond James Financial Inc. purchased a new stake in Porch Group during the 4th quarter valued at about $50,000. Ameriprise Financial Inc. acquired a new stake in Porch Group in the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC lifted its stake in Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after purchasing an additional 5,273 shares in the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Up 22.0%

The firm has a market capitalization of $1.95 billion, a PE ratio of -114.65 and a beta of 2.72. The business has a 50-day moving average price of $11.78 and a 200-day moving average price of $8.23.

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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