Porch Group (NASDAQ:PRCH) Price Target Raised to $9.00

Porch Group (NASDAQ:PRCH) had its price objective upped by Oppenheimer from $8.00 to $9.00 in a research report released on Wednesday morning, Marketbeat reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research firms also recently issued reports on PRCH. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research report on Monday, March 3rd. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research report on Wednesday, February 26th. Benchmark boosted their price target on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Finally, Stephens raised their price objective on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Porch Group has a consensus rating of “Buy” and an average price target of $7.89.

Porch Group Stock Down 5.4 %

NASDAQ:PRCH opened at $10.29 on Wednesday. Porch Group has a 1-year low of $1.05 and a 1-year high of $11.35. The stock has a fifty day simple moving average of $6.36 and a 200 day simple moving average of $5.02. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -14.70 and a beta of 2.44.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million for the quarter, compared to analysts’ expectations of $79.44 million. Equities analysts predict that Porch Group will post -0.63 earnings per share for the current year.

Insider Transactions at Porch Group

In related news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $6.24, for a total transaction of $374,400.00. Following the completion of the sale, the chief operating officer now owns 1,384,057 shares in the company, valued at $8,636,515.68. This represents a 4.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Shawn Tabak sold 10,000 shares of Porch Group stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the completion of the transaction, the chief financial officer now directly owns 218,580 shares in the company, valued at approximately $1,167,217.20. This represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 205,554 shares of company stock worth $1,273,590. 23.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Deutsche Bank AG raised its stake in shares of Porch Group by 5.6% in the first quarter. Deutsche Bank AG now owns 53,845 shares of the company’s stock valued at $393,000 after purchasing an additional 2,872 shares in the last quarter. Vanguard Group Inc. grew its stake in Porch Group by 5.7% during the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock worth $42,457,000 after buying an additional 312,370 shares during the last quarter. Bryce Point Capital LLC acquired a new stake in Porch Group during the 1st quarter valued at $317,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Porch Group in the first quarter valued at $1,604,000. Finally, CWM LLC raised its holdings in shares of Porch Group by 112.2% in the first quarter. CWM LLC now owns 8,732 shares of the company’s stock valued at $64,000 after buying an additional 4,617 shares during the last quarter. 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.