Porch Group (NASDAQ:PRCH) Shares Gap Up – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) gapped up prior to trading on Wednesday . The stock had previously closed at $4.46, but opened at $4.80. Porch Group shares last traded at $4.89, with a volume of 348,847 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PRCH shares. Stephens raised their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Benchmark restated a “buy” rating and issued a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Loop Capital reiterated a “hold” rating and set a $6.00 price objective on shares of Porch Group in a research report on Monday, December 9th. Craig Hallum lifted their price objective on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Oppenheimer lifted their price objective on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Porch Group currently has an average rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Price Performance

The stock has a 50 day moving average price of $4.42 and a two-hundred day moving average price of $2.58. The firm has a market capitalization of $585.77 million, a price-to-earnings ratio of -7.00 and a beta of 2.05.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 23.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC increased its position in Porch Group by 34.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock valued at $57,000 after acquiring an additional 9,626 shares during the period. GAMMA Investing LLC acquired a new position in Porch Group during the 4th quarter worth approximately $50,000. Mackenzie Financial Corp increased its position in Porch Group by 102.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after purchasing an additional 12,097 shares during the period. AE Wealth Management LLC increased its position in Porch Group by 7.5% during the 2nd quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock worth $365,000 after purchasing an additional 16,793 shares during the period. Finally, Zacks Investment Management acquired a new position in Porch Group during the 3rd quarter worth approximately $32,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Company Profile

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.