Porch Group (NASDAQ:PRCH) Trading 4.3% Higher – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH)’s share price traded up 4.3% during trading on Thursday . The stock traded as high as $6.48 and last traded at $6.54. 252,991 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 2,133,150 shares. The stock had previously closed at $6.27.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, February 26th. Benchmark lifted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Stephens boosted their price objective on shares of Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday. Oppenheimer raised their target price on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Finally, Craig Hallum boosted 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. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Porch Group has an average rating of “Buy” and an average target price of $7.03.

Porch Group Stock Up 6.2 %

The business’s 50 day moving average is $5.21 and its 200 day moving average is $3.77. The company has a market cap of $816.44 million, a P/E ratio of -9.71 and a beta of 2.04.

Insider Transactions at Porch Group

In other news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew Neagle sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $6.24, for a total transaction of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares of the company’s stock, valued at approximately $8,636,515.68. This trade represents a 4.15 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Institutional investors have recently bought and sold shares of the company. Zacks Investment Management purchased a new stake in shares of Porch Group during the 3rd quarter valued at $32,000. Nisa Investment Advisors LLC raised its stake in Porch Group by 5,776.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after buying an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in Porch Group in the fourth quarter worth about $35,000. Caprock Group LLC purchased a new stake in shares of Porch Group during the third quarter worth about $37,000. Finally, Rik Saylor Financial Inc. acquired a new position in shares of Porch Group during the fourth quarter valued at about $49,000. 48.48% of the stock is currently 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.