Porch Group (NASDAQ:PRCH) Trading Up 4.3% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH)’s stock price was up 4.3% on Thursday . The stock traded as high as $6.48 and last traded at $6.54. Approximately 252,991 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 2,133,150 shares. The stock had previously closed at $6.27.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Benchmark lifted their price target on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, February 26th. Oppenheimer lifted their target price on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Keefe, Bruyette & Woods lifted their target price on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Finally, Craig Hallum lifted their target price on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $6.41.

Porch Group Price Performance

The stock has a market cap of $779.82 million, a P/E ratio of -9.26 and a beta of 2.04. The company has a fifty day moving average price of $5.13 and a 200 day moving average price of $3.71.

Insider Activity at Porch Group

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. This represents a 4.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shawn Tabak sold 108,226 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the transaction, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.46% of the stock is owned by insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its holdings in shares of Porch Group by 91.8% in 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Porch Group by 22.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock valued at $151,000 after acquiring an additional 5,557 shares during the period. Nisa Investment Advisors LLC boosted its holdings 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 during the period. Jones Financial Companies Lllp purchased a new stake in Porch Group during the 4th quarter valued at about $35,000. Finally, ProShare Advisors LLC boosted its holdings in Porch Group by 51.0% during 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 period. 48.48% of the stock is currently owned by hedge funds and other 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.