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

Porch Group (NASDAQ:PRCH) had its target price raised by equities researchers at Cantor Fitzgerald from $18.00 to $20.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 21.43% from the stock’s previous close.

Several other equities analysts have also recently commented on PRCH. Benchmark raised their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods increased their price objective on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Texas Capital upgraded Porch Group to a “strong-buy” rating in a report on Tuesday. B. Riley Financial boosted their target price on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.75.

Porch Group Price Performance

PRCH stock opened at $16.47 on Friday. The business’s fifty day moving average price is $15.87 and its 200 day moving average price is $12.07. Porch Group has a 12-month low of $6.36 and a 12-month high of $18.37. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The company has a market capitalization of $2.17 billion, a PE ratio of -137.25 and a beta of 3.17.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. The company had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. On average, sell-side analysts anticipate that Porch Group will post -0.09 EPS for the current year.

Insider Activity

In related news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the transaction, the chief financial officer owned 215,495 shares of the company’s stock, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew Neagle sold 50,000 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $823,000.00. Following the completion of the sale, the chief operating officer owned 1,940,705 shares in the company, valued at approximately $31,944,004.30. This represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 133,135 shares of company stock worth $2,176,902. 27.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in PRCH. Hsbc Holdings PLC boosted its stake in Porch Group by 2.8% in the 2nd quarter. Hsbc Holdings PLC now owns 39,370 shares of the company’s stock worth $587,000 after buying an additional 1,065 shares during the last quarter. Moody National Bank Trust Division increased its stake in shares of Porch Group by 0.3% during the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company’s stock valued at $9,909,000 after acquiring an additional 1,700 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Porch Group by 15.0% during the 4th quarter. ProShare Advisors LLC now owns 15,847 shares of the company’s stock valued at $145,000 after acquiring an additional 2,068 shares during the last quarter. Osbon Capital Management LLC purchased a new position in shares of Porch Group during the 4th quarter worth about $25,000. Finally, Alpine Global Management LLC lifted its holdings in shares of Porch Group by 45.5% during the 4th quarter. Alpine Global Management LLC now owns 11,636 shares of the company’s stock worth $106,000 after acquiring an additional 3,636 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

About Porch Group

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company’s products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.