Porch Group (NASDAQ:PRCH) Trading Up 8.1% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) shares shot up 8.1% on Friday . The stock traded as high as $4.96 and last traded at $4.94. 1,230,254 shares changed hands during trading, a decline of 23% from the average session volume of 1,604,516 shares. The stock had previously closed at $4.57.

Analyst Ratings Changes

A number of analysts have commented on PRCH shares. 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. Oppenheimer boosted their target price on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Stephens raised their price target on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Loop Capital reiterated a “hold” rating and issued a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Finally, Benchmark restated a “buy” rating and set a $7.00 price objective on shares of Porch Group in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Stock Performance

The stock has a market cap of $608.48 million, a P/E ratio of -7.27 and a beta of 2.14. The business’s 50-day moving average price is $3.29 and its 200-day moving average price is $2.17.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction that occurred 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 transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 23.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

Institutional investors and hedge funds have recently modified their holdings of the company. Zacks Investment Management purchased a new stake in Porch Group in the 3rd quarter worth $32,000. Mackenzie Financial Corp lifted its holdings in Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after purchasing an additional 12,097 shares in the last quarter. Caprock Group LLC bought a new position in Porch Group in the 3rd quarter worth approximately $37,000. SG Americas Securities LLC purchased a new stake in Porch Group during the 3rd quarter valued at approximately $42,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Porch Group during the third quarter valued at approximately $46,000. 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.