Porch Group (NASDAQ:PRCH) Given New $9.00 Price Target at Oppenheimer

Porch Group (NASDAQ:PRCH) had its price objective raised by Oppenheimer from $8.00 to $9.00 in a research note released on Wednesday morning, Marketbeat Ratings reports. Oppenheimer currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the stock. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research report on Wednesday, February 26th. Benchmark boosted their price target on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Finally, Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Porch Group currently has a consensus rating of “Buy” and an average target price of $7.89.

Porch Group Trading Up 67.8 %

Porch Group stock opened at $10.64 on Wednesday. The firm has a market cap of $1.28 billion, a P/E ratio of -15.19 and a beta of 2.44. Porch Group has a 1-year low of $1.05 and a 1-year high of $10.87. The firm has a 50-day moving average of $6.21 and a 200-day moving average of $4.90.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to analysts’ expectations of $79.44 million. Research analysts forecast that Porch Group will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 10,000 shares of the 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 sale, the chief financial officer now directly owns 218,580 shares of the company’s stock, valued at approximately $1,167,217.20. This represents a 4.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,384,057 shares of the company’s stock, valued at approximately $8,636,515.68. This represents a 4.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 205,554 shares of company stock valued at $1,273,590. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several institutional investors and hedge funds have recently made changes to their positions in PRCH. FNY Investment Advisers LLC bought a new position in shares of Porch Group during the first quarter valued at $29,000. Nisa Investment Advisors LLC raised its position in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after buying an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Porch Group during the 4th quarter valued at about $35,000. Rik Saylor Financial Inc. bought a new stake in shares of Porch Group in the fourth quarter worth approximately $49,000. Finally, GAMMA Investing LLC bought a new stake in shares of Porch Group in the fourth quarter worth approximately $50,000. Institutional investors own 48.48% of the company’s stock.

Porch Group Company Profile

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.