Cantor Fitzgerald Upgrades Porch Group (NASDAQ:PRCH) to Strong-Buy

Porch Group (NASDAQ:PRCH) was upgraded by investment analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued on Tuesday, Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. Benchmark dropped their target price on Porch Group from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods dropped their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Oppenheimer cut their price objective on Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Northland Securities decreased their target price on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Craig Hallum cut their price target on shares of Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One research 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 stock. According to data from MarketBeat.com, Porch Group has an average rating of “Buy” and a consensus target price of $4.18.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $1.30 on Tuesday. The stock has a fifty day moving average price of $1.72 and a 200 day moving average price of $2.66. Porch Group has a 1-year low of $0.50 and a 1-year high of $4.78. The company has a market cap of $128.95 million, a PE ratio of -1.14 and a beta of 2.06.

Porch Group (NASDAQ:PRCH) last released its 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 firm had revenue of $110.84 million for the quarter, compared to the consensus estimate of $117.91 million. During the same period in the previous year, the business earned ($0.73) EPS. Analysts anticipate that Porch Group will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Porch Group

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 directly owns 295,142 shares of the company’s stock, valued at approximately $596,186.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 23.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PRCH. Squarepoint Ops LLC grew its holdings in Porch Group by 356.6% during the 2nd quarter. Squarepoint Ops LLC now owns 189,333 shares of the company’s stock valued at $286,000 after buying an additional 147,866 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Porch Group by 11.8% in the second quarter. Marshall Wace LLP now owns 2,152,174 shares of the company’s stock worth $3,250,000 after acquiring an additional 226,721 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of Porch Group in the second quarter valued at $477,000. AE Wealth Management LLC lifted its position in shares of Porch Group by 7.5% in the second quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock valued at $365,000 after acquiring an additional 16,793 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in shares of Porch Group by 178.4% during the second quarter. XTX Topco Ltd now owns 83,756 shares of the company’s stock valued at $126,000 after acquiring an additional 53,667 shares during the last quarter. 48.48% of the stock is currently 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.