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

Porch Group, Inc. (NASDAQ:PRCH)’s share price 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.

A number of other analysts have also weighed in on PRCH. Oppenheimer raised their price objective on shares of Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research report on Wednesday. Craig Hallum boosted their price objective 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. Finally, Stephens increased their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. One research 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. According to data from MarketBeat.com, Porch Group presently has an average rating of “Buy” and an average price target of $5.72.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 23.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Institutional investors and hedge funds have recently modified their holdings of the company. Granahan Investment Management LLC lifted its holdings in Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after acquiring an additional 1,897,816 shares during the period. Vanguard Group Inc. increased its position in shares of Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in shares of Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after purchasing an additional 2,457,915 shares during the period. Portolan Capital Management LLC boosted its holdings in shares of Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after buying an additional 1,900,416 shares during the last quarter. Finally, Geode Capital Management LLC grew 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 buying an additional 24,824 shares during the period. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Up 34.7 %

The firm has a market capitalization of $610.15 million, a PE ratio of -7.38 and a beta of 2.03. The stock’s fifty day simple moving average is $4.74 and its 200 day simple moving average is $3.16.

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.