Brokers Set Expectations for Porch Group, Inc.’s FY2023 Earnings (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH – Get Rating) – Stock analysts at Cantor Fitzgerald issued their FY2023 EPS estimates for shares of Porch Group in a report issued on Monday, June 6th. Cantor Fitzgerald analyst B. Sherlund anticipates that the company will post earnings per share of ($0.60) for the year.

Porch Group (NASDAQ:PRCH – Get Rating) last released its earnings results on Tuesday, May 10th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.14. Porch Group had a negative return on equity of 36.71% and a negative net margin of 21.81%. During the same quarter in the previous year, the business posted ($0.35) earnings per share.

Several other research analysts have also recently issued reports on PRCH. Keefe, Bruyette & Woods began coverage on Porch Group in a research report on Monday, February 14th. They set an “outperform” rating and a $14.50 price objective for the company. Loop Capital upped their price objective on Porch Group from $16.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, March 2nd. Oppenheimer lowered their price objective on Porch Group from $30.00 to $25.00 and set an “outperform” rating for the company in a research report on Wednesday, March 2nd. Craig Hallum reduced their target price on Porch Group from $13.00 to $8.00 in a report on Wednesday, May 11th. Finally, JPMorgan Chase & Co. initiated coverage on Porch Group in a report on Monday, May 23rd. They issued an “overweight” rating and a $8.00 target price for the company. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $18.62.

NASDAQ:PRCH opened at $3.72 on Wednesday. The stock has a 50-day simple moving average of $4.70 and a 200-day simple moving average of $9.62. The stock has a market cap of $365.08 million, a P/E ratio of -6.64 and a beta of 1.07. Porch Group has a 1 year low of $3.27 and a 1 year high of $27.50. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.58 and a current ratio of 1.58.

Hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. raised its stake in shares of Porch Group by 152.3% during the 3rd quarter. Macquarie Group Ltd. now owns 4,953 shares of the company’s stock worth $87,000 after buying an additional 2,990 shares in the last quarter. Providence Capital Advisors LLC purchased a new position in shares of Porch Group during the 1st quarter worth approximately $44,000. Hardy Reed LLC purchased a new position in shares of Porch Group during the 1st quarter worth approximately $45,000. Graham Capital Management L.P. purchased a new position in shares of Porch Group during the 1st quarter worth approximately $69,000. Finally, Wells Fargo & Company MN raised its stake in shares of Porch Group by 9.4% during the 2nd quarter. Wells Fargo & Company MN now owns 10,362 shares of the company’s stock worth $200,000 after buying an additional 888 shares in the last quarter. 98.11% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Matt Ehrlichman acquired 273,128 shares of Porch Group stock in a transaction on Thursday, May 12th. The stock was purchased at an average cost of $3.66 per share, with a total value of $999,648.48. Following the purchase, the chief executive officer now directly owns 9,591,070 shares in the company, valued at $35,103,316.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sean Davis Kell acquired 10,820 shares of Porch Group stock in a transaction on Monday, May 16th. The shares were bought at an average cost of $4.62 per share, with a total value of $49,988.40. Following the completion of the purchase, the director now owns 10,820 shares in the company, valued at $49,988.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 288,948 shares of company stock valued at $1,068,137. 18.64% of the stock is owned by company insiders.

About Porch Group (Get Rating)

Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.

Further Reading

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