Porch Group (NASDAQ:PRCH) Sets New 12-Month High – What’s Next?

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, February 26th. Craig Hallum boosted 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 raised their target price on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. 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. Finally, Keefe, Bruyette & Woods increased their price target on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research report on Monday. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $6.41.

Porch Group Stock Performance

The company has a market cap of $859.52 million, a P/E ratio of -10.27 and a beta of 2.03. The stock’s fifty day moving average price is $4.92 and its two-hundred day moving average price is $3.36.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. This trade represents a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 23.46% of the stock is currently owned by insiders.

Institutional Trading of Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in PRCH. Tower Research Capital LLC TRC raised its stake in shares of Porch Group by 91.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock valued at $54,000 after acquiring an additional 5,273 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in 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 valued at $151,000 after purchasing an additional 5,557 shares during the period. Nisa Investment Advisors LLC raised its position 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 worth $33,000 after purchasing an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Porch Group during the 4th quarter worth about $35,000. Finally, ProShare Advisors LLC grew its position in shares of 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 buying an additional 7,506 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors.

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.