Porch Group (NASDAQ:PRCH) Given New $10.00 Price Target at Benchmark

Porch Group (NASDAQ:PRCH) had its price target upped by analysts at Benchmark from $7.00 to $10.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 77.02% from the stock’s current price.

Several other research firms have also issued reports on PRCH. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research report on Wednesday. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Oppenheimer increased their price target on shares of Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Stephens boosted their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $5.72.

Porch Group Price Performance

PRCH stock traded up $1.86 on Wednesday, reaching $5.65. 3,627,856 shares of the company traded hands, compared to its average volume of 1,227,099. The firm has a fifty day simple moving average of $4.74 and a 200-day simple moving average of $3.16. The company has a market cap of $675.30 million, a P/E ratio of -8.07 and a beta of 2.03. Porch Group has a one year low of $1.05 and a one year high of $6.03.

Insider Buying and Selling

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

Institutional Trading of Porch Group

A number of hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. grew its stake in shares of Porch Group by 186.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after purchasing an additional 2,457,915 shares during the period. Portolan Capital Management LLC grew its position in shares of Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after acquiring an additional 1,900,416 shares during the period. Granahan Investment Management LLC lifted its position in Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after purchasing an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of Porch Group in the fourth quarter worth about $8,550,000. Finally, Invesco Ltd. increased its holdings in Porch Group by 4,365.6% in the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after acquiring an additional 1,644,614 shares in the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.