Porch Group (NASDAQ:PRCH) Trading 6.4% Higher on Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH)’s share price traded up 6.4% during mid-day trading on Tuesday 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 $5.67 and last traded at $5.48. 847,037 shares changed hands during trading, a decline of 47% from the average session volume of 1,585,164 shares. The stock had previously closed at $5.15.

PRCH has been the topic of several other research reports. Benchmark reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a research report on Tuesday, October 29th. 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. Cantor Fitzgerald upgraded Porch Group to a “strong-buy” rating in a research note on Tuesday, August 13th. Loop Capital reiterated a “hold” rating and set a $6.00 price target on shares of Porch Group in a research note on Monday. Finally, Stephens boosted their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Porch Group has a consensus rating of “Moderate Buy” and an average price target of $5.34.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now directly owns 278,298 shares in the company, 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 Securities & Exchange Commission, which is available through this hyperlink. 23.46% of the stock is owned by corporate insiders.

Institutional Trading of Porch Group

Large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. raised its stake in Porch Group by 186.6% in the third 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 in the last quarter. Acadian Asset Management LLC raised its position in shares of Porch Group by 444.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after buying an additional 1,282,500 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Porch Group by 223.4% during the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after acquiring an additional 1,058,653 shares during the last quarter. Renaissance Technologies LLC grew its position in Porch Group by 53.8% in the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after acquiring an additional 763,800 shares in the last quarter. Finally, Portolan Capital Management LLC purchased a new stake in Porch Group during the third quarter valued at about $613,000. Institutional investors own 48.48% of the company’s stock.

Porch Group Stock Down 0.2 %

The stock has a 50-day simple moving average of $2.68 and a two-hundred day simple moving average of $2.00. The firm has a market cap of $614.46 million, a PE ratio of -7.34 and a beta of 2.14.

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.