Porch Group (NASDAQ:PRCH) Receives Buy Rating from Benchmark

Porch Group (NASDAQ:PRCH)‘s stock had its “buy” rating restated by equities research analysts at Benchmark in a research report issued to clients and investors on Tuesday, Benzinga reports. They currently have a $7.00 price target on the stock. Benchmark’s price objective suggests a potential upside of 222.58% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Oppenheimer reduced their price target 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. Keefe, Bruyette & Woods reduced their target price on shares of Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Craig Hallum boosted their price target on shares of Porch Group from $3.00 to $4.00 and gave the stock 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. Finally, Northland Securities decreased their price objective on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Porch Group presently has a consensus rating of “Buy” and a consensus price target of $4.32.

Porch Group Price Performance

Shares of PRCH stock traded down $0.01 during trading on Tuesday, reaching $2.17. The company’s stock had a trading volume of 4,198,275 shares, compared to its average volume of 1,357,199. Porch Group has a 1-year low of $0.54 and a 1-year high of $4.78. The stock’s 50-day moving average price is $1.41 and its 200 day moving average price is $1.92. The company has a market capitalization of $257.73 million, a price-to-earnings ratio of -2.44 and a beta of 2.04.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.58) by ($0.07). The business had revenue of $110.84 million for the quarter, compared to analyst estimates of $117.91 million. During the same period last year, the business posted ($0.73) EPS. On average, sell-side analysts anticipate that Porch Group will post -0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alpine Global Management LLC purchased a new stake in Porch Group in the first quarter valued at $43,000. Bayesian Capital Management LP purchased a new stake in shares of Porch Group in the 1st quarter valued at about $80,000. Mackenzie Financial Corp lifted its holdings in shares of Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after purchasing an additional 12,097 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Porch Group in the 3rd quarter valued at about $42,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Porch Group during the 1st quarter worth approximately $120,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.