Porch Group (NASDAQ:PRCH) Shares Gap Up – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) gapped up before the market opened on Tuesday . The stock had previously closed at $4.96, but opened at $5.23. Porch Group shares last traded at $5.51, with a volume of 553,622 shares.

Analysts Set New Price Targets

PRCH has been the topic of several research analyst reports. Craig Hallum boosted their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Loop Capital reaffirmed a “hold” rating and set a $6.00 price objective on shares of Porch Group in a research report on Monday, December 9th. Oppenheimer upped their price target on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Stephens raised their price target on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Finally, Benchmark reiterated a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Stock Performance

The business has a 50-day simple moving average of $3.36 and a 200-day simple moving average of $2.19. The company has a market cap of $661.08 million, a price-to-earnings ratio of -7.90 and a beta of 2.14.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 21,774 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the transaction, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This represents a 7.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Institutional investors have recently added to or reduced their stakes in the business. Zacks Investment Management purchased a new position in shares of Porch Group in the 3rd quarter valued at $32,000. Mackenzie Financial Corp increased its position in shares of 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 purchasing an additional 12,097 shares in the last quarter. Caprock Group LLC purchased a new stake in shares of Porch Group in the 3rd quarter valued at about $37,000. SG Americas Securities LLC purchased a new position in Porch Group during the 3rd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC acquired a new position in Porch Group during the third quarter worth approximately $46,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.