Porch Group (NASDAQ:PRCH) Sets New 1-Year High – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $17.72 and last traded at $17.67, with a volume of 357157 shares traded. The stock had previously closed at $16.97.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Zacks Research cut Porch Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. The Goldman Sachs Group assumed coverage on Porch Group in a research note on Tuesday. They issued a “buy” rating and a $21.00 price target for the company. Loop Capital reaffirmed a “buy” rating and issued a $13.00 price target (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark reaffirmed a “buy” rating and issued a $17.00 price target (up from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Finally, B. Riley began coverage on Porch Group in a research note on Tuesday, July 1st. They issued a “buy” rating and a $15.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.22.

Porch Group Stock Performance

The firm has a fifty day moving average price of $13.81 and a 200 day moving average price of $9.76. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 34.37 and a beta of 2.83.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.16. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%.The business had revenue of $119.30 million for the quarter, compared to analysts’ expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. On average, analysts expect that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Porch Group news, Director Rachel Lam sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total value of $380,250.00. Following the completion of the sale, the director owned 177,991 shares of the company’s stock, valued at $2,707,243.11. The trade was a 12.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of Porch Group stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total transaction of $450,400.00. Following the completion of the sale, the director owned 182,416 shares of the company’s stock, valued at approximately $2,054,004.16. The trade was a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 120,000 shares of company stock worth $1,436,300 in the last quarter. 23.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Granahan Investment Management LLC increased its position in shares of Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Vanguard Group Inc. increased its position in shares of Porch Group by 5.7% in the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock worth $42,457,000 after purchasing an additional 312,370 shares during the period. Marshall Wace LLP increased its position in shares of Porch Group by 55.2% in the second quarter. Marshall Wace LLP now owns 3,341,484 shares of the company’s stock worth $39,396,000 after purchasing an additional 1,188,273 shares during the period. Driehaus Capital Management LLC increased its position in shares of Porch Group by 84.6% in the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company’s stock worth $23,389,000 after purchasing an additional 1,470,580 shares during the period. Finally, Invesco Ltd. increased its position in shares of Porch Group by 72.2% in the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company’s stock worth $21,114,000 after purchasing an additional 1,213,951 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.