Brokerages Set Porch Group, Inc. (NASDAQ:PRCH) Price Target at $4.18

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

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods reduced their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating for the company in a research report on Thursday, August 8th. Northland Securities cut their target price 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. Oppenheimer dropped their price target on Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Craig Hallum reduced their target price on Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Benchmark dropped their price objective on shares of Porch Group from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th.

Porch Group Stock Performance

Porch Group stock opened at $1.28 on Monday. The company has a market cap of $126.96 million, a price-to-earnings ratio of -1.17 and a beta of 2.04. The firm has a 50 day moving average price of $1.40 and a 200 day moving average price of $2.00. Porch Group has a 1 year low of $0.50 and a 1 year high of $4.78.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.65) earnings per share 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) earnings per share. Sell-side analysts predict that Porch Group will post -0.76 EPS for the current year.

Institutional Trading of Porch Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC boosted its stake in Porch Group by 53.8% during the second 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 in the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Porch Group during the second quarter valued at $1,989,000. Natixis bought a new position in shares of Porch Group in the first quarter valued at approximately $3,906,000. Wedmont Private Capital bought a new position in shares of Porch Group in the first quarter valued at about $215,000. Finally, Acadian Asset Management LLC lifted its position in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after purchasing an additional 1,282,500 shares in the last quarter. Institutional investors and hedge funds 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.