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

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped up before the market opened on Friday . The stock had previously closed at $4.76, but opened at $5.05. Porch Group shares last traded at $5.34, with a volume of 846,389 shares.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Craig Hallum lifted their price objective on shares of Porch Group from $3.00 to $4.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Oppenheimer lowered their price objective on shares of Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald raised shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods reduced their target price on shares of Porch Group from $3.75 to $1.50 and set a “market perform” rating for the company in a research report on Thursday, August 8th. Finally, Benchmark reissued a “buy” rating and issued a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $4.18.

Porch Group Price Performance

The company has a fifty day moving average of $2.46 and a 200 day moving average of $1.94. The firm has a market capitalization of $644.34 million, a P/E ratio of -7.63 and a beta of 2.14.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at approximately $556,596. This represents a 5.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Large investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 186.6% in the 3rd 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. Renaissance Technologies LLC increased its stake in Porch Group by 53.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after purchasing an additional 763,800 shares during the period. GSA Capital Partners LLP increased its stake in Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after purchasing an additional 1,058,653 shares during the period. Citizens Financial Group Inc. RI increased its stake in Porch Group by 128.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after purchasing an additional 225,000 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after purchasing an additional 1,282,500 shares in the last quarter. 48.48% of the stock is 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.