Oppenheimer Issues Positive Forecast for Porch Group (NASDAQ:PRCH) Stock Price

Porch Group (NASDAQ:PRCH) had its price target hoisted by Oppenheimer from $9.00 to $14.00 in a research report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

PRCH has been the topic of a number of other research reports. B. Riley started coverage on Porch Group in a research report on Tuesday. They set a “buy” rating and a $15.00 price objective on the stock. Stephens upped their price objective on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $6.00 to $7.00 and gave the company a “market perform” rating in a research report on Wednesday, May 7th. Benchmark raised their price objective on shares of Porch Group from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, May 7th. Finally, Loop Capital restated a “buy” rating and issued a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $10.28.

Porch Group Price Performance

Shares of Porch Group stock opened at $12.30 on Wednesday. The stock has a market cap of $1.49 billion, a P/E ratio of -87.86 and a beta of 2.67. The stock’s 50 day simple moving average is $10.04 and its 200-day simple moving average is $7.01. Porch Group has a 1-year low of $1.05 and a 1-year high of $12.83.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The company had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. As a group, research analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

Insider Buying and Selling at Porch Group

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total transaction of $596,400.00. Following the completion of the transaction, the chief operating officer directly owned 1,078,080 shares of the company’s stock, valued at $10,716,115.20. The trade was a 5.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alan R. Pickerill sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $11.26, for a total transaction of $450,400.00. Following the transaction, the director directly owned 182,416 shares of the company’s stock, valued at $2,054,004.16. The trade was a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 475,000 shares of company stock worth $4,895,150 in the last quarter. 23.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PRCH. FNY Investment Advisers LLC acquired a new stake in shares of Porch Group in the 1st quarter worth approximately $29,000. Jones Financial Companies Lllp acquired a new stake in Porch Group during the fourth quarter valued at approximately $35,000. CWM LLC lifted its stake in Porch Group by 112.2% during the first quarter. CWM LLC now owns 8,732 shares of the company’s stock valued at $64,000 after purchasing an additional 4,617 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Porch Group during the fourth quarter valued at approximately $50,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Porch Group during the fourth quarter valued at approximately $51,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.