Porch Group, Inc. (NASDAQ:PRCH) Receives $5.34 Average Target Price from Analysts

Porch Group, Inc. (NASDAQ:PRCH) has earned an average rating of “Moderate Buy” from the eight research firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $5.34.

Several brokerages have recently issued reports on PRCH. Benchmark reissued a “buy” rating and set a $7.00 price target on shares of Porch Group in a research report on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and issued a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Stephens raised their target price on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Oppenheimer raised their target price on shares of Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Craig Hallum raised their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th.

Porch Group Stock Performance

Shares of PRCH opened at $4.45 on Wednesday. The stock has a market capitalization of $531.95 million, a PE ratio of -6.36 and a beta of 2.05. Porch Group has a 1 year low of $1.05 and a 1 year high of $6.03. The company’s 50-day simple moving average is $4.78 and its 200-day simple moving average is $2.82.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $111.20 million for the quarter. During the same quarter in the previous year, the firm earned ($0.12) EPS. On average, sell-side analysts predict that Porch Group will post -0.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 23.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. grew its position in shares of Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Porch Group during the third quarter worth approximately $238,000. GSA Capital Partners LLP grew its position in shares of Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after acquiring an additional 1,058,653 shares during the last quarter. Barclays PLC grew its position in shares of Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after acquiring an additional 108,748 shares during the last quarter. Finally, Citizens Financial Group Inc. RI grew its position in shares of Porch Group by 128.6% during the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after acquiring an additional 225,000 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other 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.