Benchmark Cuts Porch Group (NASDAQ:PRCH) Price Target to $7.00

Porch Group (NASDAQ:PRCH) had its price target decreased by Benchmark from $10.00 to $7.00 in a research report released on Wednesday morning, Benzinga reports. Benchmark currently has a buy rating on the stock.

A number of other equities analysts have also commented on PRCH. Northland Securities lowered their price objective on Porch Group from $5.00 to $3.25 and set an outperform rating on the stock in a research note on Wednesday. Craig Hallum lowered their price objective on Porch Group from $5.00 to $3.00 and set a buy rating on the stock in a research note on Wednesday. Keefe, Bruyette & Woods restated a market perform rating and set a $3.75 price objective on shares of Porch Group in a research note on Tuesday, July 2nd. Finally, Stephens restated an overweight rating and set a $6.00 price objective on shares of Porch Group in a research note on Thursday, April 11th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $4.18.

Porch Group Trading Up 16.9 %

Shares of PRCH traded up $0.19 during mid-day trading on Wednesday, reaching $1.28. The company’s stock had a trading volume of 1,348,970 shares, compared to its average volume of 1,021,444. Porch Group has a 1-year low of $0.50 and a 1-year high of $4.78. The stock has a market cap of $126.96 million, a P/E ratio of -1.12 and a beta of 2.06. The business has a 50-day simple moving average of $1.77 and a two-hundred day simple moving average of $2.68.

Porch Group (NASDAQ:PRCH) last announced its earnings results 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 firm had revenue of $110.84 million during the quarter, compared to the consensus estimate of $117.91 million. During the same quarter in the prior year, the business posted ($0.73) EPS. Research analysts anticipate that Porch Group will post -0.65 EPS for the current year.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $2.02, for a total transaction of $30,300.00. Following the sale, the chief financial officer now owns 295,142 shares of the company’s stock, valued at approximately $596,186.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 23.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently modified their holdings of the company. Granahan Investment Management LLC lifted its stake in shares of Porch Group by 12.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,890,749 shares of the company’s stock valued at $36,624,000 after purchasing an additional 1,278,208 shares during the period. Renaissance Technologies LLC lifted its stake 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 valued at $3,299,000 after purchasing an additional 763,800 shares during the period. Acadian Asset Management LLC increased its position in 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 buying an additional 1,282,500 shares in the last quarter. Harbor Capital Advisors Inc. bought a new stake in Porch Group in the 2nd quarter valued at about $1,989,000. Finally, Natixis bought a new stake in Porch Group in the 1st quarter valued at about $3,906,000. 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.