Benchmark Reiterates “Buy” Rating for Porch Group (NASDAQ:PRCH)

Porch Group (NASDAQ:PRCH)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a report issued on Tuesday, Benzinga reports. They currently have a $7.00 target price on the stock. Benchmark’s price target suggests a potential upside of 191.67% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Craig Hallum lifted their target price on shares of Porch Group from $3.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday. Cantor Fitzgerald upgraded shares of Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Northland Securities dropped their price target on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Keefe, Bruyette & Woods cut their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Finally, Oppenheimer cut their price objective on Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Porch Group currently has a consensus rating of “Buy” and a consensus price target of $4.32.

Porch Group Price Performance

PRCH opened at $2.40 on Tuesday. The company’s 50 day simple moving average is $1.46 and its two-hundred day simple moving average is $1.92. The firm has a market capitalization of $285.05 million, a price-to-earnings ratio of -2.73 and a beta of 2.04. Porch Group has a 1-year low of $0.54 and a 1-year high of $4.78.

Porch Group (NASDAQ:PRCH) last announced its quarterly 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 firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $117.91 million. During the same period in the prior year, the company earned ($0.73) EPS. On average, equities analysts anticipate that Porch Group will post -0.76 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at $556,596. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several large investors have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC acquired a new stake in Porch Group during the first quarter worth approximately $120,000. Natixis purchased a new position in shares of Porch Group in the 1st quarter valued at $3,906,000. Lazard Asset Management LLC purchased a new position in shares of Porch Group in the 1st quarter valued at $525,000. Alpine Global Management LLC purchased a new position in shares of Porch Group in the 1st quarter valued at $43,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Porch Group in the 1st quarter valued at $80,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.