Porch Group (NASDAQ:PRCH) Shares Gap Up After Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) gapped up prior to trading on Wednesday after Benchmark raised their price target on the stock from $7.00 to $10.00. The stock had previously closed at $3.79, but opened at $4.85. Benchmark currently has a buy rating on the stock. Porch Group shares last traded at $5.03, with a volume of 5,668,700 shares traded.

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

Insider Buying and Selling at Porch Group

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Granahan Investment Management LLC boosted its holdings in shares of Porch Group by 19.0% in 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 period. Vanguard Group Inc. lifted its position in Porch Group by 24.9% in the fourth 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. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after buying an additional 2,457,915 shares during the period. Portolan Capital Management LLC increased its position 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 valued at $11,314,000 after acquiring an additional 1,900,416 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Porch Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock valued at $9,905,000 after acquiring an additional 24,824 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Stock Up 34.7 %

The company’s 50 day moving average price is $4.74 and its two-hundred day moving average price is $3.16. The firm has a market cap of $610.15 million, a PE ratio of -7.38 and a beta of 2.03.

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.