Porch Group (NASDAQ:PRCH) Price Target Raised to $8.00

Porch Group (NASDAQ:PRCH) had its price objective increased by Oppenheimer from $7.00 to $8.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently weighed in on PRCH. 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 note on Wednesday. Benchmark upped their target price on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday. Stephens upped their target price on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Finally, Craig Hallum upped their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Porch Group currently has an average rating of “Buy” and a consensus price target of $5.84.

Porch Group Trading Up 4.3 %

Shares of Porch Group stock opened at $6.99 on Wednesday. The firm has a fifty day simple moving average of $4.85 and a 200-day simple moving average of $3.25. Porch Group has a 1-year low of $1.05 and a 1-year high of $7.19. The stock has a market capitalization of $835.61 million, a price-to-earnings ratio of -9.99 and a beta of 2.03.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer now owns 179,613 shares in the company, valued at approximately $1,086,658.65. This represents a 37.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently made changes to their positions in the business. Granahan Investment Management LLC raised its stake in shares of Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after buying an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Porch Group by 24.9% in the 4th 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 last quarter. Harbor Capital Advisors Inc. grew its holdings 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 worth $5,794,000 after purchasing an additional 2,457,915 shares during the last quarter. Portolan Capital Management LLC grew its holdings in shares of Porch Group by 476.0% in the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Porch Group by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock worth $9,905,000 after purchasing an additional 24,824 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.