Craig Hallum Forecasts Strong Price Appreciation for Porch Group (NASDAQ:PRCH) Stock

Porch Group (NASDAQ:PRCH) had its price target increased by stock analysts at Craig Hallum from $4.00 to $8.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Craig Hallum’s target price suggests a potential upside of 45.19% from the stock’s current price.

A number of other equities research analysts have also issued reports on the stock. Benchmark reissued a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a report on Tuesday, October 29th. Stephens raised their price target on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Keefe, Bruyette & Woods decreased their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald raised Porch Group to a “strong-buy” rating in a research note on Tuesday, August 13th. Finally, Oppenheimer decreased their price target on Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $4.75.

Porch Group Stock Performance

NASDAQ PRCH opened at $5.51 on Friday. The stock’s fifty day moving average is $2.53 and its two-hundred day moving average is $1.96. The firm has a market capitalization of $658.67 million, a P/E ratio of -7.87 and a beta of 2.14. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $5.70.

Insider Activity

In other news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 278,298 shares of the company’s stock, valued at approximately $556,596. This trade represents a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently added to or reduced their stakes in PRCH. Harbor Capital Advisors Inc. increased its position in shares of Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares during the period. Renaissance Technologies LLC increased its holdings in Porch Group by 53.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after purchasing an additional 763,800 shares during the period. Marshall Wace LLP increased its holdings in Porch Group by 11.8% during the 2nd quarter. Marshall Wace LLP now owns 2,152,174 shares of the company’s stock worth $3,250,000 after purchasing an additional 226,721 shares during the period. Geode Capital Management LLC raised its position in Porch Group by 8.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after purchasing an additional 163,133 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Porch Group by 7.4% in the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock valued at $2,560,000 after buying an additional 115,176 shares during the period. 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.