Porch Group (NASDAQ:PRCH) Stock Gets Price Target Bump from Cantor Fitzgerald

Porch Group (NASDAQ:PRCH) had its price objective increased by Cantor Fitzgerald from $18.00 to $20.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would suggest a potential upside of 21.43% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research note on Thursday, July 30th. B. Riley Financial upped their target price on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Benchmark increased their target price on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, Texas Capital upgraded Porch Group to a “strong-buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.75.

Porch Group Trading Down 0.8%

Shares of PRCH opened at $16.47 on Friday. Porch Group has a twelve month low of $6.36 and a twelve month high of $18.37. The firm has a market capitalization of $2.17 billion, a P/E ratio of -137.25 and a beta of 3.17. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The stock’s fifty day simple moving average is $15.87 and its 200 day simple moving average is $12.07.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, equities research analysts forecast that Porch Group will post -0.09 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Amanda L. Reierson sold 33,135 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the sale, the director directly owned 134,180 shares in the company, valued at $2,208,602.80. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew Neagle sold 50,000 shares of Porch Group stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $16.46, for a total value of $823,000.00. Following the sale, the chief operating officer directly owned 1,940,705 shares in the company, valued at approximately $31,944,004.30. The trade was a 2.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 133,135 shares of company stock valued at $2,176,902 in the last quarter. Company insiders own 27.78% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. Integrated Wealth Concepts LLC purchased a new position in shares of Porch Group during the 2nd quarter valued at approximately $138,000. NewEdge Advisors LLC bought a new stake in shares of Porch Group in the second quarter worth $198,000. Corient Private Wealth LP raised its holdings in Porch Group by 550.4% in the second quarter. Corient Private Wealth LP now owns 71,151 shares of the company’s stock valued at $1,070,000 after acquiring an additional 60,212 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in Porch Group by 10.2% in the second quarter. Concurrent Investment Advisors LLC now owns 116,674 shares of the company’s stock valued at $1,755,000 after acquiring an additional 10,812 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its stake in Porch Group by 2.8% during the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock valued at $587,000 after acquiring an additional 1,065 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.