Porch Group (NASDAQ:PRCH) Releases Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Porch Group (NASDAQ:PRCH) announced its quarterly earnings data on Tuesday. The company reported ($0.65) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.07), Zacks reports. The firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $117.91 million. During the same quarter in the prior year, the firm posted ($0.73) EPS. Porch Group updated its FY 2024 guidance to EPS.

Porch Group Stock Performance

Shares of NASDAQ PRCH traded down $0.56 during trading on Wednesday, reaching $1.17. The stock had a trading volume of 3,903,838 shares, compared to its average volume of 1,406,181. Porch Group has a one year low of $0.50 and a one year high of $4.78. The stock has a market cap of $116.05 million, a PE ratio of -1.03 and a beta of 2.06. The firm’s 50 day moving average price is $1.80 and its two-hundred day moving average price is $2.70.

Insider Activity

In related news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $2.02, for a total transaction 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 approximately $596,186.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 23.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PRCH shares. Craig Hallum reduced their price objective on Porch Group from $5.00 to $3.00 and set a “buy” rating on the stock in a research note on Wednesday. Northland Securities dropped their target price on Porch Group from $5.00 to $3.25 and set an “outperform” rating on the stock in a report on Wednesday. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $3.75 price target on shares of Porch Group in a research report on Tuesday, July 2nd. Stephens reissued an “overweight” rating and set a $6.00 price target on shares of Porch Group in a research report on Thursday, April 11th. Finally, Benchmark reduced their price target on Porch Group from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Porch Group presently has an average rating of “Moderate Buy” and a consensus target price of $4.67.

About Porch Group

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.