Porch Group (NASDAQ:PRCH) Sets New 1-Year High – Here’s What Happened

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

Analyst Ratings Changes

PRCH has been the topic of several research reports. Stephens increased their price target on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Oppenheimer increased their price objective on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Benchmark boosted their target price on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Craig Hallum increased their price target on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.03.

Porch Group Stock Down 4.8 %

The business’s 50-day simple moving average is $5.38 and its two-hundred day simple moving average is $3.92. The firm has a market cap of $910.09 million, a price-to-earnings ratio of -10.83 and a beta of 2.04.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. The trade was a 37.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew Neagle sold 27,328 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.99, for a total value of $191,022.72. Following the completion of the transaction, the chief operating officer now owns 1,356,729 shares in the company, valued at approximately $9,483,535.71. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 195,554 shares of company stock valued at $1,220,190. 23.46% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its stake in Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock worth $54,000 after purchasing an additional 5,273 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Porch Group by 22.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock worth $151,000 after buying an additional 5,557 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Porch Group by 5,776.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after acquiring an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in Porch Group in the 4th quarter valued at about $35,000. Finally, ProShare Advisors LLC raised its holdings in Porch Group by 51.0% in the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock valued at $109,000 after acquiring an additional 7,506 shares during the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

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.