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

Porch Group, Inc. (NASDAQ:PRCH) shares gapped up before the market opened on Wednesday . The stock had previously closed at $4.46, but opened at $4.80. Porch Group shares last traded at $4.89, with a volume of 348,847 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PRCH shares. Benchmark reiterated a “buy” rating and set a $7.00 price objective on shares of Porch Group in a report on Tuesday, October 29th. Oppenheimer increased their price objective on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Craig Hallum increased their price objective on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Loop Capital reiterated a “hold” rating and set a $6.00 price objective on shares of Porch Group in a report on Monday, December 9th. Finally, Stephens increased their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Two 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, the company has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Trading Down 0.6 %

The firm has a 50-day moving average of $4.52 and a 200-day moving average of $2.61. The stock has a market capitalization of $567.82 million, a price-to-earnings ratio of -6.79 and a beta of 2.05.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 23.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRCH. Zacks Investment Management acquired a new stake in Porch Group during the 3rd quarter worth about $32,000. Mackenzie Financial Corp grew its position in shares of Porch Group by 102.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after acquiring an additional 12,097 shares during the period. Caprock Group LLC acquired a new stake in shares of Porch Group during the 3rd quarter valued at about $37,000. SG Americas Securities LLC acquired a new stake in shares of Porch Group during the 3rd quarter valued at about $42,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Porch Group during the 3rd quarter valued at about $46,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.