Porch Group (NASDAQ:PRCH) Shares Gap Up – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) shares gapped up prior to trading on Wednesday . The stock had previously closed at $4.46, but opened at $4.80. Porch Group shares last traded at $4.89, with a volume of 348,847 shares.

Analysts Set New Price Targets

Several analysts recently commented on the company. Stephens lifted their price objective on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Craig Hallum lifted their target price on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Oppenheimer lifted their target price on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Benchmark reiterated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Finally, Loop Capital reiterated a “hold” rating and set a $6.00 target price on shares of Porch Group in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $5.34.

Porch Group Price Performance

The company has a market capitalization of $567.82 million, a PE ratio of -6.79 and a beta of 2.05. The business has a 50-day moving average of $4.52 and a 200 day moving average of $2.61.

Insider Activity

In related news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the sale, the chief financial officer now owns 287,839 shares in the company, valued at approximately $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 accessible through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Large investors have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC lifted its holdings in Porch Group by 34.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock worth $57,000 after buying an additional 9,626 shares during the period. GAMMA Investing LLC purchased a new stake in Porch Group during the fourth quarter worth $50,000. Mackenzie Financial Corp lifted its holdings in Porch Group by 102.4% during the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after buying an additional 12,097 shares during the period. AE Wealth Management LLC lifted its holdings in Porch Group by 7.5% during the second quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock worth $365,000 after buying an additional 16,793 shares during the period. Finally, Zacks Investment Management purchased a new stake in Porch Group during the third quarter worth $32,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.