Porch Group (NASDAQ:PRCH) Shares Up 2.5% – Still a Buy?

Shares of Porch Group, Inc. (NASDAQ:PRCH) were up 2.5% during trading on Monday . The company traded as high as $7.49 and last traded at $7.58. Approximately 617,208 shares traded hands during trading, a decline of 65% from the average daily volume of 1,766,257 shares. The stock had previously closed at $7.39.

Analyst Upgrades and Downgrades

PRCH has been the topic of a number of analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a report on Monday, March 3rd. Oppenheimer boosted their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. 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 note on Wednesday, February 26th. Benchmark raised their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, Craig Hallum upped their target price on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Porch Group has a consensus rating of “Buy” and a consensus target price of $7.03.

Porch Group Stock Down 1.3 %

The firm has a market capitalization of $851.25 million, a P/E ratio of -10.13 and a beta of 2.04. The company has a fifty day simple moving average of $5.59 and a 200 day simple moving average of $4.11.

Insider Transactions at Porch Group

In other news, COO Matthew Neagle sold 27,328 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.99, for a total value of $191,022.72. Following the transaction, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at $9,483,535.71. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction that occurred on 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 $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 195,554 shares of company stock worth $1,220,190. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Institutional investors have recently modified their holdings of the stock. Portolan Capital Management LLC boosted its stake in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after purchasing an additional 1,900,416 shares during the period. Granahan Investment Management LLC boosted its stake in Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in Porch Group in the fourth quarter valued at about $8,550,000. Invesco Ltd. raised its holdings in shares of Porch Group by 4,365.6% in the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after buying an additional 1,644,614 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after purchasing an additional 1,100,224 shares during the period. 48.48% of the stock is owned by 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.