Porch Group (NASDAQ:PRCH) Trading Up 4.8% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) shares rose 4.8% during trading on Wednesday . The company traded as high as $6.06 and last traded at $5.88. Approximately 424,992 shares were traded during trading, a decline of 80% from the average daily volume of 2,145,583 shares. The stock had previously closed at $5.61.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRCH. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a report on Wednesday, February 26th. Craig Hallum boosted their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. Benchmark lifted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Finally, Oppenheimer increased their target price on shares of Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. One equities 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, Porch Group currently has an average rating of “Buy” and a consensus target price of $6.41.

Porch Group Stock Up 7.2 %

The company has a market cap of $722.18 million, a P/E ratio of -8.62 and a beta of 2.04. The firm’s 50-day moving average price is $5.00 and its 200-day moving average price is $3.53.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were 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 directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. This trade represents a 37.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently added to or reduced their stakes in PRCH. Portolan Capital Management LLC boosted 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 last quarter. 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 during the last quarter. Driehaus Capital Management LLC bought a new stake in Porch Group during the fourth quarter valued at approximately $8,550,000. Invesco Ltd. grew its stake 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 buying an additional 1,644,614 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Porch Group by 24.9% in the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after buying an additional 1,100,224 shares during the last quarter. 48.48% of the stock is currently owned by 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.