Citizens Financial Group Inc. RI Makes New Investment in Porch Group, Inc. (NASDAQ:PRCH)

Citizens Financial Group Inc. RI purchased a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 175,000 shares of the company’s stock, valued at approximately $264,000.

Several other institutional investors have also recently made changes to their positions in PRCH. Alpine Global Management LLC bought a new stake in Porch Group during the first quarter valued at approximately $43,000. Victory Capital Management Inc. purchased a new position in shares of Porch Group during the 4th quarter worth $32,000. Cape Investment Advisory Inc. bought a new stake in shares of Porch Group during the 4th quarter valued at $39,000. Bayesian Capital Management LP purchased a new stake in shares of Porch Group in the 1st quarter worth $80,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Porch Group in the 1st quarter worth $120,000. Institutional investors own 48.48% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on PRCH. Craig Hallum cut their price target on Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Oppenheimer reduced their target price on shares of Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a report on Thursday, August 8th. Keefe, Bruyette & Woods lowered their price target on shares of Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Benchmark reduced their price objective on shares of Porch Group from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $4.18.

Porch Group Price Performance

PRCH stock opened at $1.58 on Thursday. Porch Group, Inc. has a 1-year low of $0.50 and a 1-year high of $4.78. The business has a 50 day simple moving average of $1.55 and a two-hundred day simple moving average of $2.41. The company has a market capitalization of $187.66 million, a price-to-earnings ratio of -1.39 and a beta of 2.04.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Tuesday, August 6th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.07). The company had revenue of $110.84 million for the quarter, compared to analysts’ expectations of $117.91 million. During the same period last year, the company posted ($0.73) EPS. Sell-side analysts anticipate that Porch Group, Inc. will post -0.76 EPS for the current fiscal year.

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.