Porch Group (NASDAQ:PRCH) Trading Up 10.3% – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) was up 10.3% during mid-day trading on Tuesday . The stock traded as high as $5.30 and last traded at $5.31. Approximately 790,880 shares were traded during trading, a decline of 25% from the average daily volume of 1,056,406 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

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

Porch Group Price Performance

The company’s fifty day moving average price is $4.83 and its 200 day moving average price is $3.08. The company has a market cap of $574.99 million, a PE ratio of -6.87 and a beta of 2.03.

Insider Activity

In related news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were 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 owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 23.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. boosted its position in Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after purchasing an additional 2,457,915 shares during the period. Franklin Resources Inc. bought a new position in Porch Group during the third quarter worth about $238,000. Barclays PLC increased its holdings in Porch Group by 415.5% during the 3rd quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after acquiring an additional 108,748 shares during the period. GSA Capital Partners LLP increased its holdings in Porch Group by 223.4% during the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after acquiring an additional 1,058,653 shares during the period. Finally, Citizens Financial Group Inc. RI lifted its stake in Porch Group by 128.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after purchasing an additional 225,000 shares in the last quarter. Institutional investors 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.