Northland Capmk Analysts Reduce Earnings Estimates for Porch Group, Inc. (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH – Get Rating) – Equities researchers at Northland Capmk cut their Q1 2023 earnings per share (EPS) estimates for Porch Group in a research note issued to investors on Wednesday, March 15th. Northland Capmk analyst M. Grondahl now forecasts that the company will earn ($0.34) per share for the quarter, down from their previous forecast of ($0.06). The consensus estimate for Porch Group’s current full-year earnings is ($0.88) per share. Northland Capmk also issued estimates for Porch Group’s Q2 2023 earnings at ($0.34) EPS, Q3 2023 earnings at ($0.25) EPS, Q4 2023 earnings at ($0.20) EPS and FY2023 earnings at ($1.13) EPS.

Several other brokerages have also recently commented on PRCH. Loop Capital cut Porch Group from a “buy” rating to a “hold” rating and reduced their target price for the company from $4.00 to $2.00 in a report on Wednesday. Benchmark restated a “buy” rating and set a $14.00 price target on shares of Porch Group in a report on Monday, March 13th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.03.

Porch Group Stock Performance

Shares of PRCH stock opened at $1.24 on Friday. The business’s 50 day simple moving average is $2.64 and its 200 day simple moving average is $2.17. Porch Group has a one year low of $0.94 and a one year high of $8.33. The stock has a market capitalization of $124.69 million, a PE ratio of -0.79 and a beta of 1.00. The company has a debt-to-equity ratio of 3.69, a current ratio of 1.28 and a quick ratio of 1.28.

Insiders Place Their Bets

In other Porch Group news, major shareholder Park West Asset Management Llc purchased 407,874 shares of the business’s stock in a transaction on Wednesday, January 25th. The shares were purchased at an average cost of $2.31 per share, for a total transaction of $942,188.94. Following the acquisition, the insider now owns 12,267,707 shares of the company’s stock, valued at $28,338,403.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have acquired 1,412,844 shares of company stock worth $3,488,720. Corporate insiders own 18.64% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Large investors have recently modified their holdings of the company. Graham Capital Management L.P. bought a new position in shares of Porch Group in the 1st quarter worth $69,000. Centiva Capital LP bought a new position in shares of Porch Group in the 2nd quarter worth $29,000. Synovus Financial Corp bought a new position in shares of Porch Group in the 1st quarter worth $81,000. Dfpg Investments LLC bought a new position in shares of Porch Group in the 4th quarter worth $26,000. Finally, Bridgefront Capital LLC bought a new position in shares of Porch Group in the 1st quarter worth $92,000.

Porch Group Company Profile

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Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.