Porch Group (NASDAQ:PRCH) Trading 10.3% Higher – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) were up 10.3% on Tuesday . The stock traded as high as $5.30 and last traded at $5.31. Approximately 790,880 shares traded hands during trading, a decline of 25% from the average daily volume of 1,056,406 shares. The stock had previously closed at $4.81.

Analyst Upgrades and Downgrades

PRCH has been the topic of a number of research reports. 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. Stephens boosted their price target on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Benchmark restated a “buy” rating and issued a $7.00 price target on shares of Porch Group in a report on Tuesday, October 29th. Oppenheimer boosted their price target on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Loop Capital restated a “hold” rating and issued a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Price Performance

The business has a 50-day moving average of $4.84 and a 200-day moving average of $3.05. The firm has a market cap of $622.80 million, a price-to-earnings ratio of -7.44 and a beta of 2.03.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC increased its position in Porch Group by 91.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock worth $54,000 after buying an additional 5,273 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Porch Group by 22.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock valued at $151,000 after purchasing an additional 5,557 shares during the last quarter. Nisa Investment Advisors LLC grew its position in shares of 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 purchasing an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Porch Group in the fourth quarter valued at approximately $35,000. Finally, ProShare Advisors LLC grew its position in shares of Porch Group by 51.0% in the fourth quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock valued at $109,000 after purchasing an additional 7,506 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.