Porch Group, Inc. (NASDAQ:PRCH) Receives Average Recommendation of “Buy” from Brokerages

Porch Group, Inc. (NASDAQ:PRCH) has received a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $4.18.

A number of brokerages have commented on PRCH. Craig Hallum lowered their target price on Porch Group from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Keefe, Bruyette & Woods decreased their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Oppenheimer cut their target price on shares of Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Northland Securities decreased their price target on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Benchmark cut their price objective on shares of Porch Group from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. purchased a new stake in Porch Group in the second quarter valued at approximately $1,989,000. Acadian Asset Management LLC boosted its holdings in shares of Porch Group by 444.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after purchasing an additional 1,282,500 shares during the last quarter. Granahan Investment Management LLC grew its stake in shares of Porch Group by 12.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,890,749 shares of the company’s stock valued at $36,624,000 after buying an additional 1,278,208 shares during the period. Natixis acquired a new stake in shares of Porch Group during the 1st quarter worth $3,906,000. Finally, Renaissance Technologies LLC raised its position in shares of Porch Group by 53.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after buying an additional 763,800 shares during the period. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Down 8.6 %

NASDAQ:PRCH opened at $1.54 on Thursday. Porch Group has a 52-week low of $0.50 and a 52-week high of $4.78. The stock has a fifty day simple moving average of $1.48 and a 200-day simple moving average of $2.29. The company has a market capitalization of $152.25 million, a PE ratio of -1.35 and a beta of 2.04.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, August 6th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.07). The business had revenue of $110.84 million for the quarter, compared to the consensus estimate of $117.91 million. During the same period in the prior year, the firm posted ($0.73) EPS. As a group, equities analysts anticipate that Porch Group will post -0.76 earnings per share for the current year.

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.