Porch Group (NASDAQ:PRCH) Trading 2.5% Higher – Here’s What Happened

Shares of Porch Group, Inc. (NASDAQ:PRCH) rose 2.5% during trading on Monday . The stock traded as high as $7.49 and last traded at $7.58. Approximately 617,208 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,766,257 shares. The stock had previously closed at $7.39.

Wall Street Analysts Forecast Growth

PRCH has been the topic of a number of analyst reports. Oppenheimer upped their target price on shares of Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Wednesday, February 26th. Craig Hallum boosted their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Benchmark increased their target price on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $7.03.

Porch Group Stock Performance

The firm has a market cap of $851.25 million, a price-to-earnings ratio of -10.13 and a beta of 2.04. The firm has a fifty day simple moving average of $5.59 and a 200-day simple moving average of $4.11.

Insider Activity at Porch Group

In other news, COO Matthew Neagle sold 27,328 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the transaction, the chief operating officer now directly owns 1,356,729 shares in the company, valued at approximately $9,483,535.71. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the transaction, the chief financial officer now owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 195,554 shares of company stock valued at $1,220,190 over the last quarter. 23.46% of the stock is owned by corporate insiders.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Granahan Investment Management LLC lifted its stake in Porch Group by 19.0% during the 4th 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 in the last quarter. Vanguard Group Inc. raised its position in Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after acquiring an additional 1,100,224 shares during the period. Portolan Capital Management LLC boosted its stake in Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after acquiring an additional 1,900,416 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Porch Group by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock valued at $9,905,000 after acquiring an additional 24,824 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Porch Group by 4.2% during the 4th quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company’s stock worth $9,398,000 after purchasing an additional 76,701 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

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.