Research Analysts Issue Forecasts for Porch Group, Inc.’s FY2023 Earnings (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH – Get Rating) – Research analysts at Cantor Fitzgerald issued their FY2023 earnings per share estimates for Porch Group in a report released on Monday, June 6th. Cantor Fitzgerald analyst B. Sherlund expects that the company will post earnings of ($0.60) per share for the year. Porch Group (NASDAQ:PRCH – Get Rating) last posted its earnings results on Tuesday, May 10th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.14. Porch Group had a negative net margin of 21.81% and a negative return on equity of 36.71%. During the same period last year, the business posted ($0.35) EPS.

PRCH has been the topic of several other reports. Oppenheimer decreased their price objective on shares of Porch Group from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Wednesday, March 2nd. Guggenheim decreased their price objective on shares of Porch Group from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, March 2nd. Keefe, Bruyette & Woods initiated coverage on shares of Porch Group in a report on Monday, February 14th. They issued an “outperform” rating and a $14.50 price objective on the stock. JPMorgan Chase & Co. initiated coverage on shares of Porch Group in a report on Monday, May 23rd. They issued an “overweight” rating and a $8.00 price objective on the stock. Finally, Compass Point initiated coverage on shares of Porch Group in a report on Wednesday, May 25th. They issued a “buy” rating and a $11.50 price objective on the stock. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Porch Group currently has an average rating of “Buy” and a consensus target price of $18.62.

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NASDAQ:PRCH opened at $3.72 on Wednesday. The company’s 50-day moving average is $4.70 and its two-hundred day moving average is $9.62. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.58 and a quick ratio of 1.58. Porch Group has a 1-year low of $3.27 and a 1-year high of $27.50. The firm has a market capitalization of $365.08 million, a price-to-earnings ratio of -6.64 and a beta of 1.07.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its position in shares of Porch Group by 37.8% in the 1st quarter. Bank of America Corp DE now owns 248,225 shares of the company’s stock valued at $1,724,000 after buying an additional 68,100 shares during the last quarter. Walleye Capital LLC grew its position in shares of Porch Group by 102.4% in the 1st quarter. Walleye Capital LLC now owns 500,430 shares of the company’s stock valued at $3,475,000 after buying an additional 253,165 shares during the last quarter. PDT Partners LLC purchased a new position in shares of Porch Group in the 1st quarter valued at $293,000. State Street Corp grew its position in shares of Porch Group by 10.1% in the 1st quarter. State Street Corp now owns 2,092,414 shares of the company’s stock valued at $14,532,000 after buying an additional 191,520 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new position in shares of Porch Group in the 1st quarter valued at $69,000. 98.11% of the stock is currently owned by hedge funds and other institutional investors.

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

Earnings History and Estimates for Porch Group (NASDAQ:PRCH)

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