Porch Group (NASDAQ:PRCH) Trading 10.3% Higher – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH)’s share price traded up 10.3% during trading on Tuesday . The stock traded as high as $5.30 and last traded at $5.31. 790,880 shares traded hands during trading, a decline of 25% from the average session volume of 1,056,406 shares. The stock had previously closed at $4.81.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Benchmark restated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and set a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Craig Hallum raised their price target on 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 price target on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Finally, Oppenheimer raised their price target on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $5.34.

Porch Group Trading Up 8.3 %

The company has a 50 day moving average price of $4.84 and a 200 day moving average price of $3.05. The company has a market capitalization of $622.80 million, a price-to-earnings ratio of -7.44 and a beta of 2.03.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction 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 directly owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently made changes to their positions in PRCH. Harbor Capital Advisors Inc. grew its stake in shares of Porch Group by 186.6% during the third 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 grew its stake in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the period. Granahan Investment Management LLC grew its stake in shares of Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of Porch Group during the fourth quarter worth $8,550,000. Finally, Invesco Ltd. grew its stake in shares of Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after purchasing an additional 1,644,614 shares during the period. 48.48% of the stock is owned by institutional investors and hedge funds.

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.