Porch Group (NASDAQ:PRCH) Releases Quarterly Earnings Results

Porch Group (NASDAQ:PRCHGet Rating) released its quarterly earnings results on Tuesday. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.14, MarketWatch Earnings reports. Porch Group had a negative return on equity of 40.77% and a negative net margin of 56.68%. During the same period in the previous year, the company posted ($0.35) EPS. Porch Group updated its FY 2022 guidance to EPS.

PRCH traded up $0.44 on Wednesday, hitting $3.79. 117,061 shares of the company were exchanged, compared to its average volume of 2,088,626. The firm has a fifty day simple moving average of $5.92 and a two-hundred day simple moving average of $12.18. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.67 and a current ratio of 1.67. Porch Group has a 12 month low of $3.27 and a 12 month high of $27.50. The stock has a market capitalization of $371.93 million, a PE ratio of -2.76 and a beta of 1.08.

PRCH has been the topic of several recent analyst reports. Craig Hallum lowered their price target on Porch Group from $13.00 to $8.00 in a report on Wednesday. Oppenheimer reduced their price objective on Porch Group from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 2nd. Keefe, Bruyette & Woods assumed coverage on Porch Group in a research report on Monday, February 14th. They set an “outperform” rating and a $14.50 price objective on the stock. Northland Securities reduced their price objective on Porch Group from $30.00 to $25.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 2nd. Finally, Guggenheim reduced their price objective on Porch Group from $30.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, March 2nd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $20.21.

Hedge funds have recently modified their holdings of the company. Wells Fargo & Company MN grew its position in shares of Porch Group by 9.4% in 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 during the last quarter. Virtu Financial LLC bought a new stake in shares of Porch Group in the 4th quarter worth approximately $195,000. Parametric Portfolio Associates LLC grew its position in shares of Porch Group by 60.1% in the 4th quarter. Parametric Portfolio Associates LLC now owns 18,256 shares of the company’s stock worth $285,000 after buying an additional 6,851 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Porch Group in the 4th quarter worth approximately $454,000. Finally, Invesco Ltd. grew its position in shares of Porch Group by 202.4% in the 3rd quarter. Invesco Ltd. now owns 33,912 shares of the company’s stock worth $599,000 after buying an additional 22,698 shares during the last quarter. Hedge funds and other institutional investors own 98.11% of the company’s stock.

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 for Porch Group (NASDAQ:PRCH)

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