Porch Group (NASDAQ:PRCH) Hits New 52-Week High – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) shares reached a new 52-week high on Tuesday . The stock traded as high as $5.50 and last traded at $4.70, with a volume of 3502662 shares. The stock had previously closed at $3.77.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PRCH shares. Oppenheimer decreased their target price on Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Northland Securities lowered their target price on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Benchmark reaffirmed a “buy” rating and set a $7.00 target price on shares of Porch Group in a report on Tuesday, October 29th. Craig Hallum lifted their price target on Porch Group from $3.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Finally, Cantor Fitzgerald raised shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $4.18.

Porch Group Price Performance

The stock has a market capitalization of $626.39 million, a P/E ratio of -6.71 and a beta of 2.13. The stock’s fifty day moving average is $2.19 and its 200-day moving average is $1.88.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 278,298 shares of the company’s stock, valued at approximately $556,596. The trade was a 5.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 stock. Harbor Capital Advisors Inc. acquired a new position in shares of Porch Group during the second quarter valued at about $1,989,000. Bank of New York Mellon Corp grew its holdings in shares of Porch Group by 19.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock worth $746,000 after purchasing an additional 78,892 shares in the last quarter. Panagora Asset Management Inc. acquired a new stake in Porch Group during the second quarter worth $220,000. Rhumbline Advisers bought a new stake in Porch Group in the second quarter valued at about $99,000. Finally, Acadian Asset Management LLC raised its holdings in shares of Porch Group by 444.5% in the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after buying an additional 1,282,500 shares in the last quarter. 48.48% of the stock is owned by institutional investors.

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.