Porch Group (NASDAQ:PRCH) Shares Gap Up After Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) gapped up before the market opened on Wednesday after Oppenheimer raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $3.79, but opened at $4.85. Oppenheimer currently has an outperform rating on the stock. Porch Group shares last traded at $5.03, with a volume of 5,668,700 shares.

A number of other brokerages also recently commented on PRCH. 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. Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research report on Wednesday. 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, December 6th. Finally, Stephens raised their price objective on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $5.84.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Zacks Investment Management acquired a new stake in shares of Porch Group during the 3rd quarter valued at approximately $32,000. Nisa Investment Advisors LLC raised its position in shares of Porch Group by 5,776.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $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 during the 4th quarter worth approximately $35,000. Caprock Group LLC acquired a new position in shares of Porch Group during the 3rd quarter worth approximately $37,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Porch Group during the 3rd quarter worth approximately $46,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Stock Performance

The stock has a market capitalization of $800.94 million, a price-to-earnings ratio of -9.57 and a beta of 2.03. The company has a 50-day moving average of $4.82 and a 200-day moving average of $3.21.

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.