Porch Group (NASDAQ:PRCH) Sets New 52-Week High – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH) reached a new 52-week high on Tuesday . The company traded as high as $7.64 and last traded at $7.74, with a volume of 933397 shares traded. The stock had previously closed at $6.86.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Benchmark upped their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Craig Hallum upped their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Stephens lifted their target price on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. 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 note on Monday, March 3rd. Finally, Oppenheimer lifted their price target 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 assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group presently has an average rating of “Buy” and a consensus price target of $7.03.

Porch Group Stock Performance

The firm has a market capitalization of $910.09 million, a PE ratio of -10.83 and a beta of 2.04. The business’s 50 day moving average price is $5.38 and its 200-day moving average price is $3.92.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, the chief financial officer now owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Matthew Neagle sold 27,328 shares of Porch Group stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the transaction, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at $9,483,535.71. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 195,554 shares of company stock worth $1,220,190 over the last ninety days. Corporate insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Granahan Investment Management LLC increased its position in shares of Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after acquiring an additional 1,897,816 shares during the period. Vanguard Group Inc. increased its holdings in Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after purchasing an additional 1,100,224 shares during the period. Portolan Capital Management LLC increased its holdings in Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the period. Geode Capital Management LLC raised its position in Porch Group by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock valued at $9,905,000 after purchasing an additional 24,824 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Porch Group by 4.2% in the 4th quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company’s stock valued at $9,398,000 after buying an additional 76,701 shares during the period. 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.