Porch Group (NASDAQ:PRCH) PT Lowered to $7.00 at Benchmark

Porch Group (NASDAQ:PRCH) had its price objective lowered by equities research analysts at Benchmark from $10.00 to $7.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s price target indicates a potential upside of 498.29% from the company’s current price.

A number of other equities analysts have also recently weighed in on the stock. Stephens reissued an “overweight” rating and issued a $6.00 price objective on shares of Porch Group in a research report on Thursday, April 11th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $3.75 price objective on shares of Porch Group in a report on Tuesday, July 2nd. Craig Hallum cut their price target on shares of Porch Group from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Northland Securities dropped 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 report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.67.

Porch Group Trading Down 32.4 %

PRCH traded down $0.56 during trading on Wednesday, hitting $1.17. 3,900,620 shares of the company’s stock were exchanged, compared to its average volume of 1,406,166. Porch Group has a 1 year low of $0.50 and a 1 year high of $4.78. The stock has a 50 day moving average price of $1.82 and a 200 day moving average price of $2.71. The firm has a market cap of $116.05 million, a P/E ratio of -1.04 and a beta of 2.06.

Porch Group (NASDAQ:PRCH) last announced its quarterly 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 company had revenue of $110.84 million for the quarter, compared to analysts’ expectations of $117.91 million. During the same period last year, the business posted ($0.73) earnings per share. Analysts forecast that Porch Group will post -0.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $2.02, for a total value 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 filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

A number of institutional investors have recently made changes to their positions in PRCH. Victory Capital Management Inc. bought a new stake in Porch Group during the fourth quarter worth approximately $32,000. Cape Investment Advisory Inc. bought a new stake in shares of Porch Group in the 4th quarter worth $39,000. Alpine Global Management LLC acquired a new stake in shares of Porch Group in the first quarter valued at $43,000. SG Americas Securities LLC bought a new position in Porch Group during the fourth quarter valued at about $53,000. Finally, Bayesian Capital Management LP bought a new stake in Porch Group in the first quarter worth about $80,000. 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.