Craig Hallum Cuts Porch Group (NASDAQ:PRCH) Price Target to $3.00

Porch Group (NASDAQ:PRCH) had its target price reduced by research analysts at Craig Hallum from $5.00 to $3.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Craig Hallum’s target price would suggest a potential upside of 157.51% from the company’s current price.

A number of other equities research analysts have also issued reports on the company. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $3.75 price target on shares of Porch Group in a research report on Tuesday, July 2nd. Stephens restated an “overweight” rating and issued a $6.00 price target on shares of Porch Group in a research report on Thursday, April 11th.

Porch Group Stock Down 32.7 %

Shares of Porch Group stock traded down $0.57 during mid-day trading on Wednesday, reaching $1.17. 3,015,402 shares of the stock traded hands, compared to its average volume of 1,400,304. The business has a 50-day moving average of $1.82 and a 200 day moving average of $2.71. Porch Group has a fifty-two week low of $0.50 and a fifty-two week high of $4.78. The stock has a market capitalization of $115.56 million, a PE ratio of -1.04 and a beta of 2.06.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, August 6th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.07). The business had revenue of $110.84 million during the quarter, compared to analyst estimates of $117.91 million. During the same period in the prior year, the firm earned ($0.73) earnings per share. On average, equities research analysts expect that Porch Group will post -0.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $2.02, for a total value of $30,300.00. Following the completion of the transaction, the chief financial officer now directly owns 295,142 shares in the company, valued at $596,186.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 23.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC lifted its stake in Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after purchasing an additional 1,282,500 shares in the last quarter. Rhumbline Advisers acquired a new position in Porch Group during the second quarter worth $99,000. Panagora Asset Management Inc. acquired a new position in Porch Group during the second quarter worth $220,000. Bank of New York Mellon Corp lifted its stake in Porch Group by 19.0% during the second quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock worth $746,000 after purchasing an additional 78,892 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in Porch Group during the second quarter worth $1,989,000. 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.