Porch Group Inc [PRCH] Revenue clocked in at $430.30 million, up 18.83% YTD: What’s Next?

Porch Group Inc [NASDAQ: PRCH] price surged by 17.68 percent to reach at $0.55. The company report on March 7, 2024 at 4:02 PM that Porch Group Reports Fourth Quarter 2023 Results.

Porch Delivers Strong Fourth Quarter Earnings, Ahead of Expectations.

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Porch Group, Inc. (“Porch Group” or “the Company”) (NASDAQ: PRCH), a homeowners insurance and vertical software platform, today reported fourth quarter results ended December 31, 2023, with total revenue of $114.6 million, which increased 79% compared to the prior year. GAAP net loss of $2.5 million, an improvement from $35.5 million GAAP net loss in the prior year and Adjusted EBITDA of $11.7 million, which increased $25.0 million compared to the prior year.

The one-year PRCH stock forecast points to a potential upside of 26.8. The average equity rating for PRCH stock is currently 1.50, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Porch Group Inc [PRCH]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PRCH shares is $5.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PRCH stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Loop Capital have made an estimate for Porch Group Inc shares, keeping their opinion on the stock as Hold, with their previous recommendation back on March 15, 2023. The new note on the price target was released on November 09, 2022, representing the official price target for Porch Group Inc stock. Previously, the target price had yet another drop from $10 to $8, while Cantor Fitzgerald kept a Overweight rating on PRCH stock. On July 25, 2022, analysts decreased their price target for PRCH shares from 5.25 to 3.25.

The Average True Range (ATR) for Porch Group Inc is set at 0.32, with the Price to Sales ratio for PRCH stock in the period of the last 12 months amounting to 0.84. Price to Free Cash Flow for PRCH in the course of the last twelve months was 10.94 with Quick ratio for the last quarter at 1.01.

PRCH Stock Performance Analysis:

Porch Group Inc [PRCH] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.78. With this latest performance, PRCH shares gained by 64.13% in over the last four-week period, additionally plugging by 356.47% over the last 6 months – not to mention a rise of 83.92% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PRCH stock in for the last two-week period is set at 66.61, with the RSI for the last a single of trading hit 69.98, and the three-weeks RSI is set at 64.37 for Porch Group Inc [PRCH]. The present Moving Average for the last 50 days of trading for this stock 2.76, while it was recorded at 3.19 for the last single week of trading, and 1.59 for the last 200 days.

Insight into Porch Group Inc Fundamentals:

Porch Group Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.01 and a Current Ratio set at 0.98.

PRCH Stock EPS

With the latest financial reports released by the company, Porch Group Inc posted -0.41/share EPS, while the average EPS was predicted by analysts to be reported at -0.35/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -17.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PRCH.

Porch Group Inc [PRCH] Institutonal Ownership Details

The top three institutional holders of PRCH stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PRCH stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PRCH stock with ownership which is approximately 5.8325%.