Porch Group (NASDAQ:PRCH) Sets New 1-Year High - Here's What Happened

Key Points

• Porch Group's stock reached a new 52-week high of $18.83, with a last trading price of $18.37 and a trading volume of 522775 shares.
• A number of analysts have issued ratings for Porch Group, with Goldman Sachs giving a "buy" rating and a target price of $21.00, while Zacks Research downgraded the stock from "strong-buy" to "hold."
• In the last three months, insiders sold 120,000 shares of Porch Group, representing a decrease in their ownership, with 23.32% of stock currently owned by company insiders.

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price reached a new 52-week high on Monday . The stock traded as high as $18.83 and last traded at $18.37, with a volume of 522775 shares trading hands. The stock had previously closed at $18.20.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRCH. The Goldman Sachs Group initiated coverage on Porch Group in a research report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 target price on the stock. Loop Capital reiterated 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. Cantor Fitzgerald reissued an "overweight" rating and set a $20.00 target price on shares of Porch Group in a report on Tuesday, September 2nd. Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Keefe, Bruyette & Woods boosted their target price on Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.22.

Porch Group Stock Performance

The business has a fifty day simple moving average of $14.34 and a 200 day simple moving average of $10.12. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 36.10 and a beta of 2.83.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.16. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%.The firm had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Shawn Tabak sold 30,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total transaction of $336,900.00. Following the completion of the sale, the chief financial officer directly owned 172,671 shares in the company, valued at approximately $1,939,095.33. This represents a 14.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alan R. Pickerill sold 40,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total value of $450,400.00. Following the sale, the director owned 182,416 shares of the company's stock, valued at approximately $2,054,004.16. The trade was a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 120,000 shares of company stock worth $1,436,300. 23.32% of the stock is currently owned by company insiders.

Institutional Trading of Porch Group

A number of institutional investors have recently modified their holdings of PRCH. AlphaQuest LLC bought a new stake in shares of Porch Group during the 2nd quarter worth $33,000. FNY Investment Advisers LLC bought a new stake in shares of Porch Group during the 1st quarter worth $29,000. CWM LLC lifted its position in shares of Porch Group by 112.2% during the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after buying an additional 4,617 shares during the last quarter. State of Wyoming bought a new stake in shares of Porch Group during the 2nd quarter worth $111,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Porch Group during the 4th quarter worth $50,000. 48.48% of the stock is currently owned by 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.

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