Wedbush Comments on Porch Group, Inc.’s Q1 2023 Earnings (NASDAQ:PRCH)

Porch Group, Inc. (NASDAQ:PRCH – Get Rating) – Equities researchers at Wedbush issued their Q1 2023 EPS estimates for Porch Group in a report released on Wednesday, May 11th. Wedbush analyst Y. Arounian anticipates that the company will post earnings of ($0.10) per share for the quarter. Wedbush also issued estimates for Porch Group’s Q2 2023 earnings at ($0.14) EPS, Q3 2023 earnings at ($0.16) EPS and Q4 2023 earnings at ($0.16) EPS.

Porch Group (NASDAQ:PRCH – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.14. 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 prior year, the company posted ($0.35) earnings per share.

A number of other brokerages also recently issued reports on PRCH. Guggenheim cut their target price on Porch Group from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, March 2nd. Zacks Investment Research raised Porch Group from a “sell” rating to a “hold” rating in a research note on Wednesday, February 2nd. Loop Capital raised their target price on Porch Group from $16.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 2nd. Craig Hallum cut their target price on Porch Group from $13.00 to $8.00 in a research note on Wednesday. Finally, Stephens cut their target price on Porch Group from $26.00 to $23.00 and set an “overweight” rating for the company in a research note on Thursday, March 10th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Porch Group presently has a consensus rating of “Buy” and an average price target of $20.21.

Shares of PRCH opened at $3.63 on Thursday. Porch Group has a 52-week low of $3.27 and a 52-week high of $27.50. The company has a market capitalization of $356.23 million, a PE ratio of -2.88 and a beta of 1.08. The stock has a fifty day simple moving average of $5.87 and a two-hundred day simple moving average of $12.12. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 1.91.

Institutional investors have recently made changes to their positions in the stock. UBS Asset Management Americas Inc. boosted its holdings in Porch Group by 13.6% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 67,618 shares of the company’s stock valued at $1,195,000 after acquiring an additional 8,094 shares during the period. California State Teachers Retirement System boosted its holdings in Porch Group by 395.2% during the 3rd quarter. California State Teachers Retirement System now owns 108,581 shares of the company’s stock valued at $1,920,000 after acquiring an additional 86,654 shares during the period. Millennium Management LLC boosted its holdings in Porch Group by 186.0% during the 3rd quarter. Millennium Management LLC now owns 607,389 shares of the company’s stock valued at $10,739,000 after acquiring an additional 395,019 shares during the period. Villere ST Denis J & Co. LLC boosted its holdings in Porch Group by 5.0% during the 4th quarter. Villere ST Denis J & Co. LLC now owns 1,785,183 shares of the company’s stock valued at $27,831,000 after acquiring an additional 84,205 shares during the period. Finally, Pembroke Management LTD boosted its holdings in Porch Group by 17.7% during the 4th quarter. Pembroke Management LTD now owns 660,636 shares of the company’s stock valued at $10,299,000 after acquiring an additional 99,288 shares during the period. Institutional investors own 98.11% of the company’s stock.

Porch Group Company Profile (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.

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