Porch Group (NASDAQ:PRCH) Upgraded at Cantor Fitzgerald

Key Points

• Porch Group was upgraded to a "strong-buy" rating by Cantor Fitzgerald, reflecting positive sentiment from analysts regarding the company's stock.
• The company reported earnings surpassing expectations with $0.03 earnings per share, alongside revenue of $119.30 million, compared to analyst estimates of $98.06 million.
• Insider trading activity indicated significant sales of stock by executives, with over 240,000 shares sold in the last three months, impacting their ownership percentages.

Porch Group (NASDAQ:PRCH - Get Free Report) was upgraded by investment analysts at Cantor Fitzgerald to a "strong-buy" rating in a research report issued to clients and investors on Friday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on PRCH. B. Riley assumed coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective for the company. Benchmark restated a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods lifted their price objective on Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a research note on Wednesday. Loop Capital reissued a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Finally, Oppenheimer raised their target price on Porch Group from $14.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $13.71.

Porch Group Trading Down 0.5%

NASDAQ PRCH opened at $15.34 on Friday. The stock has a fifty day simple moving average of $12.68 and a 200-day simple moving average of $8.81. The stock has a market cap of $1.86 billion, a PE ratio of 30.08 and a beta of 2.72. Porch Group has a twelve month low of $1.15 and a twelve month high of $17.38.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $119.30 million during the quarter, compared to analyst estimates of $98.06 million. Research analysts predict that Porch Group will post -0.63 EPS for the current year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 30,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total value of $336,900.00. Following the sale, the chief financial officer directly owned 172,671 shares in the company, valued at approximately $1,939,095.33. This trade represents a 14.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of Porch Group 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 completion of the transaction, the director owned 182,416 shares of the company's stock, valued at approximately $2,054,004.16. This trade represents 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 have sold 240,000 shares of company stock worth $2,664,500. 23.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in PRCH. Divisadero Street Capital Management LP acquired a new stake in Porch Group in the second quarter valued at approximately $28,810,000. Granahan Investment Management LLC increased its position in shares of Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after purchasing an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Porch Group in the 4th quarter valued at approximately $8,550,000. Hennessy Advisors Inc. acquired a new stake in shares of Porch Group in the 2nd quarter valued at $19,607,000. Finally, Invesco Ltd. raised its holdings in shares of Porch Group by 4,365.6% in the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock valued at $8,277,000 after purchasing an additional 1,644,614 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.