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

Porch Group, Inc. (NASDAQ:PRCH) has been assigned a consensus rating of “Buy” from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $10.28.

PRCH has been the subject of a number of analyst reports. Loop Capital restated a “buy” rating and set a $13.00 price objective (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark increased their price target on shares of Porch Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods raised their price target on shares of Porch Group from $6.00 to $7.00 and gave the company a “market perform” rating in a research report on Wednesday, May 7th. B. Riley started coverage on Porch Group in a research report on Tuesday, July 1st. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, Oppenheimer increased their target price on Porch Group from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, July 2nd.

Insider Activity at Porch Group

In related news, Director Rachel Lam sold 25,000 shares of the firm’s stock in a transaction that occurred 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 owned 202,991 shares in the company, valued at approximately $2,182,153.25. This trade represents a 10.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Shawn Tabak sold 30,000 shares of the business’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total transaction of $336,900.00. Following the sale, the chief financial officer owned 172,671 shares of the company’s stock, valued at approximately $1,939,095.33. This represents a 14.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 465,000 shares of company stock worth $4,841,750 in the last three months. 23.32% of the stock is currently owned by company insiders.

Institutional Trading of Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. Arrowstreet Capital Limited Partnership purchased a new position in shares of Porch Group during the 4th quarter worth $176,000. Rhumbline Advisers lifted its position 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 purchasing an additional 22,159 shares in the last quarter. GAMMA Investing LLC grew its holdings 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 purchasing an additional 81,160 shares during the period. Ameriprise Financial Inc. bought a new stake in Porch Group during the fourth quarter valued at about $51,000. Finally, JPMorgan Chase & Co. increased its position in Porch Group by 225.1% in the fourth quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock worth $3,593,000 after buying an additional 505,660 shares in the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Trading Up 1.2%

Shares of NASDAQ:PRCH opened at $13.42 on Wednesday. The stock has a fifty day simple moving average of $11.39 and a two-hundred day simple moving average of $7.86. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -95.86 and a beta of 2.67. Porch Group has a 12-month low of $1.05 and a 12-month high of $14.34.

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

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.