Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of Porch Group (NASDAQ:PRCH) to a strong-buy rating in a research note released on Friday,Zacks.com reports.

A number of other research analysts have also recently issued reports on PRCH. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $7.00 to $16.00 and gave the company a “market perform” rating in a report on Wednesday. Oppenheimer increased their price objective on shares of Porch Group from $14.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 6th. Benchmark reissued a “buy” rating and set a $17.00 price objective (up previously from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. B. Riley initiated coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a “buy” rating and a $15.00 price objective for the company. Finally, Loop Capital reissued a “buy” rating and set a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $13.71.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $15.34 on Friday. Porch Group has a one year low of $1.15 and a one year high of $17.38. The company has a 50 day moving average of $12.68 and a 200-day moving average of $8.81. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 30.08 and a beta of 2.72.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million during the quarter, compared to analysts’ expectations of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Equities research analysts anticipate that Porch Group will post -0.63 earnings per share for the current year.

Insider Buying and Selling at Porch Group

In related news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction on 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 owned 1,078,080 shares in the company, valued at approximately $10,716,115.20. This represents a 5.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rachel Lam sold 25,000 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the sale, the director owned 177,991 shares of the company’s stock, valued at approximately $2,707,243.11. This represents a 12.32% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 240,000 shares of company stock worth $2,664,500. Company insiders own 23.32% of the company’s stock.

Institutional Trading of Porch Group

A number of large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock worth $3,593,000 after buying an additional 505,660 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Porch Group by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock worth $9,905,000 after buying an additional 24,824 shares during the last quarter. Wells Fargo & Company MN increased its position in Porch Group by 756.9% during the fourth quarter. Wells Fargo & Company MN now owns 205,780 shares of the company’s stock worth $1,012,000 after acquiring an additional 181,766 shares during the period. Invesco Ltd. increased its position in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after acquiring an additional 1,644,614 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Porch Group during the fourth quarter worth about $50,000. 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.