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

Key Points

• Porch Group's stock reached a new 52-week high, trading at $17.72, and has seen significant analyst interest with various price targets ranging from $13.00 to $21.00.
• In its latest quarterly earnings report, Porch Group beat analysts' expectations with revenue of $119.30 million, significantly above the forecast of $98.06 million, and reported an earnings per share of $0.03.
• Insider selling activity was noted, with Director Rachel Lam selling 25,000 shares for approximately $380,250, indicating a decrease in insider ownership by 12.32%.

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $17.72 and last traded at $17.67, with a volume of 357157 shares. The stock had previously closed at $16.97.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Loop Capital reaffirmed a "buy" rating and issued a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Keefe, Bruyette & Woods lifted their price target on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of Porch Group in a research note on Tuesday. Finally, 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 report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $15.22.

Porch Group Stock Up 1.4%

The business's 50-day simple moving average is $14.34 and its 200-day simple moving average is $10.05. The stock has a market cap of $2.23 billion, a PE ratio of 35.69 and a beta of 2.84.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results 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. The company had revenue of $119.30 million during the quarter, compared to analyst estimates of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rachel Lam sold 25,000 shares of Porch Group stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total value of $380,250.00. Following the sale, the director directly owned 177,991 shares in the company, valued at approximately $2,707,243.11. This trade represents a 12.32% decrease in their position. The sale was disclosed in a 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 firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total value of $450,400.00. Following the completion of the sale, the director directly owned 182,416 shares of the company's stock, valued at $2,054,004.16. The trade was a 17.98% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Divisadero Street Capital Management LP bought a new stake in shares of Porch Group during the second quarter valued at approximately $28,810,000. Granahan Investment Management LLC raised its holdings in Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after purchasing an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in Porch Group during the fourth quarter valued at $8,550,000. Hennessy Advisors Inc. purchased a new position in Porch Group during the second quarter valued at $19,607,000. Finally, Monashee Investment Management LLC bought a new stake in shares of Porch Group during the 1st quarter valued at $11,300,000. Hedge funds and other institutional investors 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.