Porch Group (NASDAQ:PRCH) Price Target Cut to $3.00

Porch Group (NASDAQ:PRCH) had its target price reduced by Craig Hallum from $5.00 to $3.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on PRCH. Keefe, Bruyette & Woods reissued a market perform rating and set a $3.75 price objective on shares of Porch Group in a report on Tuesday, July 2nd. Stephens reaffirmed an overweight rating and set a $6.00 target price on shares of Porch Group in a research report on Thursday, April 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $4.18.

Porch Group Stock Up 16.9 %

NASDAQ:PRCH traded up $0.19 during midday trading on Wednesday, hitting $1.28. The stock had a trading volume of 1,348,970 shares, compared to its average volume of 1,021,444. The stock has a 50-day moving average of $1.77 and a 200 day moving average of $2.68. The company has a market capitalization of $126.96 million, a price-to-earnings ratio of -1.12 and a beta of 2.06. Porch Group has a one year low of $0.50 and a one year high of $4.78.

Porch Group (NASDAQ:PRCH) last posted 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 during the quarter, compared to analyst estimates of $117.91 million. During the same quarter last year, the firm earned ($0.73) earnings per share. On average, sell-side analysts anticipate that Porch Group will post -0.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 value of $30,300.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Hedge funds have recently modified their holdings of the stock. Granahan Investment Management LLC increased its stake in 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 purchasing an additional 1,278,208 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new position in Porch Group in the 2nd quarter worth $1,989,000. Natixis acquired a new stake in Porch Group during the 1st quarter worth about $3,906,000. Victory Capital Management Inc. purchased a new stake in Porch Group during the 4th quarter valued at about $32,000. Finally, Wedmont Private Capital acquired a new position in shares of Porch Group in the first quarter valued at about $215,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.