Porch Group (NASDAQ:PRCH) Reaches New 12-Month High Following Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH)’s stock price reached a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $4.00 to $7.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $5.70 and last traded at $5.23, with a volume of 820882 shares changing hands. The stock had previously closed at $5.51.

Several other equities analysts also recently issued reports on the company. Stephens lifted their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Loop Capital reissued a “hold” rating and set a $6.00 price objective on shares of Porch Group in a report on Monday. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday. Benchmark reiterated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald raised shares of Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Porch Group has a consensus rating of “Moderate Buy” and a consensus price target of $5.34.

Insider Activity

In related news, CFO Shawn Tabak sold 15,000 shares of the business’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 transaction of $30,000.00. Following the completion of the sale, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

A number of institutional investors have recently bought and sold shares of PRCH. Harbor Capital Advisors Inc. lifted its stake in shares of Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after purchasing an additional 2,457,915 shares during the period. Renaissance Technologies LLC increased its holdings in Porch Group by 53.8% in the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after purchasing an additional 763,800 shares during the last quarter. Marshall Wace LLP lifted its stake in Porch Group by 11.8% in the second quarter. Marshall Wace LLP now owns 2,152,174 shares of the company’s stock valued at $3,250,000 after buying an additional 226,721 shares during the period. Geode Capital Management LLC boosted its holdings in Porch Group by 8.9% during the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock worth $3,052,000 after buying an additional 163,133 shares during the last quarter. Finally, State Street Corp grew its position in shares of Porch Group by 7.4% during the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock worth $2,560,000 after buying an additional 115,176 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Trading Down 6.5 %

The company has a market capitalization of $615.63 million, a P/E ratio of -7.36 and a beta of 2.13. The business has a 50 day moving average price of $2.61 and a 200 day moving average price of $1.98.

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.