Porch Group, Inc. (NASDAQ:PRCH) Given Consensus Rating of “Buy” by Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been given a consensus rating of “Buy” by the eight brokerages that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $8.89.

A number of analysts have issued reports on PRCH shares. Loop Capital reissued a “buy” rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Stephens raised their target price on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Benchmark raised their target price on Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Oppenheimer raised their target price on Porch Group from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. Finally, Keefe, Bruyette & Woods raised their target price on Porch Group from $6.00 to $7.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 7th.

Porch Group Trading Down 1.3%

Shares of PRCH opened at $11.78 on Friday. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -84.14 and a beta of 2.63. The stock has a 50 day moving average of $9.34 and a 200 day moving average of $6.77. Porch Group has a 12 month low of $1.05 and a 12 month high of $12.20.

Porch Group (NASDAQ:PRCH) last released its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $104.75 million during the quarter, compared to analysts’ expectations of $79.44 million. As a group, equities research analysts predict that Porch Group will post -0.63 earnings per share for the current year.

Insider Activity

In other news, CFO Shawn Tabak sold 10,000 shares of Porch Group stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the completion of the transaction, the chief financial officer now directly owns 218,580 shares in the company, valued at approximately $1,167,217.20. The trade was a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 now directly owns 202,991 shares of the company’s stock, valued at $2,182,153.25. This represents a 10.97% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 475,000 shares of company stock worth $4,895,150. 23.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

Large investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership bought a new stake in Porch Group during the fourth quarter valued at $176,000. Rhumbline Advisers boosted its stake in Porch Group by 28.7% during the first quarter. Rhumbline Advisers now owns 99,436 shares of the company’s stock valued at $725,000 after buying an additional 22,159 shares during the period. GAMMA Investing LLC boosted its stake in Porch Group by 801.6% during the first quarter. GAMMA Investing LLC now owns 91,285 shares of the company’s stock valued at $665,000 after buying an additional 81,160 shares during the period. Ameriprise Financial Inc. bought a new stake in Porch Group during the fourth quarter valued at $51,000. Finally, JPMorgan Chase & Co. boosted its stake in Porch Group by 225.1% during the fourth quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock valued at $3,593,000 after buying an additional 505,660 shares during the period. 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.