Porch Group, Inc. (NASDAQ:PRCH – Get Rating) – Research analysts at Northland Capmk cut their FY2022 earnings estimates for shares of Porch Group in a note issued to investors on Wednesday, November 9th. Northland Capmk analyst M. Grondahl now expects that the company will earn ($1.16) per share for the year, down from their prior estimate of ($1.04). The consensus estimate for Porch Group’s current full-year earnings is ($1.15) per share. Northland Capmk also issued estimates for Porch Group’s Q4 2022 earnings at ($0.30) EPS, Q1 2023 earnings at ($0.27) EPS, Q2 2023 earnings at ($0.25) EPS, Q3 2023 earnings at ($0.22) EPS and Q4 2023 earnings at ($0.21) EPS.
A number of other research analysts also recently weighed in on the stock. Northland Securities reduced their target price on shares of Porch Group from $7.00 to $4.50 in a research report on Wednesday, November 9th. Cantor Fitzgerald began coverage on shares of Porch Group in a research report on Wednesday, August 10th. They set an “overweight” rating and a $8.00 target price for the company. JPMorgan Chase & Co. downgraded shares of Porch Group from an “overweight” rating to a “neutral” rating in a research report on Wednesday, November 9th. Keefe, Bruyette & Woods reissued a “downgrade” rating on shares of Porch Group in a research report on Monday, July 25th. Finally, Oppenheimer reduced their target price on shares of Porch Group from $9.00 to $3.00 in a research report on Wednesday, November 9th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.63.
Porch Group Trading Up 37.3 %
Insider Activity at Porch Group
In other Porch Group news, COO Matthew Neagle purchased 315,000 shares of the company’s stock in a transaction that occurred on Thursday, November 10th. The shares were bought at an average cost of $1.05 per share, for a total transaction of $330,750.00. Following the purchase, the chief operating officer now owns 1,071,995 shares of the company’s stock, valued at approximately $1,125,594.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have acquired 425,000 shares of company stock worth $560,750. 18.64% of the stock is owned by corporate insiders.
Institutional Trading of Porch Group
Institutional investors and hedge funds have recently bought and sold shares of the company. Providence Capital Advisors LLC purchased a new stake in Porch Group in the 1st quarter worth approximately $44,000. Hardy Reed LLC purchased a new stake in Porch Group in the 1st quarter worth approximately $45,000. Graham Capital Management L.P. purchased a new stake in Porch Group in the 1st quarter worth approximately $69,000. Nadler Financial Group Inc. purchased a new stake in Porch Group in the 2nd quarter worth approximately $26,000. Finally, Brinker Capital Investments LLC bought a new position in shares of Porch Group in the 2nd quarter worth $28,000.
About Porch Group
Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.
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