Porch Group (NASDAQ:PRCH) Releases Earnings Results, Beats Estimates By $0.13 EPS

Porch Group (NASDAQ:PRCHGet Free Report) announced its earnings results on Thursday. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13, Zacks reports. The business had revenue of $114.61 million for the quarter, compared to analyst estimates of $99.60 million. Porch Group had a negative net margin of 31.12% and a negative return on equity of 1,182.09%. During the same period last year, the firm posted ($0.32) earnings per share. Porch Group updated its FY 2024 guidance to EPS.

Porch Group Stock Up 17.7 %

Shares of NASDAQ PRCH opened at $3.66 on Friday. The stock has a fifty day moving average price of $2.74 and a 200 day moving average price of $1.76. Porch Group has a 1-year low of $0.50 and a 1-year high of $3.98.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald restated an “overweight” rating on shares of Porch Group in a research report on Friday, January 12th.

View Our Latest Stock Analysis on PRCH

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently modified their holdings of PRCH. JPMorgan Chase & Co. lifted its holdings in shares of Porch Group by 1.3% during the first quarter. JPMorgan Chase & Co. now owns 497,530 shares of the company’s stock worth $3,454,000 after purchasing an additional 6,377 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Porch Group in the first quarter valued at $1,198,000. MetLife Investment Management LLC lifted its holdings in Porch Group by 57.0% in the first quarter. MetLife Investment Management LLC now owns 43,848 shares of the company’s stock valued at $305,000 after acquiring an additional 15,919 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Porch Group by 23.4% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 475,000 shares of the company’s stock valued at $3,299,000 after acquiring an additional 90,000 shares during the period. Finally, Synovus Financial Corp acquired a new stake in Porch Group in the first quarter valued at $81,000. 78.75% of the stock is owned by institutional investors and hedge funds.

Porch Group Company Profile

(Get Free Report)

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, mortgage companies and loan officers, and title companies; consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.

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Earnings History for Porch Group (NASDAQ:PRCH)

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