Porch Group (NASDAQ:PRCH) Sets New 1-Year High – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares reached a new 52-week high on Wednesday . The stock traded as high as $7.26 and last traded at $7.18, with a volume of 1172100 shares changing hands. The stock had previously closed at $6.77.

Wall Street Analyst Weigh In

PRCH has been the topic of several research reports. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a report on Monday. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, February 26th. Oppenheimer raised their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Stephens upped their target price on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Finally, Benchmark increased their target price on Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $6.41.

Porch Group Trading Up 6.2 %

The stock has a market capitalization of $859.52 million, a PE ratio of -10.27 and a beta of 2.03. The stock’s fifty day simple moving average is $4.92 and its 200-day simple moving average is $3.36.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the transaction, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. This represents a 37.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PRCH. Portolan Capital Management LLC increased its holdings in Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after buying an additional 1,900,416 shares during the last quarter. Granahan Investment Management LLC increased its stake in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Porch Group during the 4th quarter worth approximately $8,550,000. Invesco Ltd. raised its holdings in shares of 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 purchasing an additional 1,644,614 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.