Porch Group (NASDAQ:PRCH) Reaches New 1-Year High Following Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) reached a new 52-week high on Thursday after Oppenheimer raised their price target on the stock from $7.00 to $8.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $6.92 and last traded at $6.60, with a volume of 31953907 shares. The stock had previously closed at $3.79.

Several other equities analysts have also recently commented on the stock. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research report on Wednesday. Craig Hallum upped their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Benchmark raised their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Stephens raised 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. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Porch Group has a consensus rating of “Buy” and a consensus target price of $5.84.

Insider Transactions at Porch Group

In other Porch Group 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 transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC acquired a new position in shares of Porch Group in the fourth quarter worth $57,000. Two Sigma Advisers LP grew its holdings in Porch Group by 44.1% in the 4th quarter. Two Sigma Advisers LP now owns 123,600 shares of the company’s stock valued at $608,000 after buying an additional 37,800 shares during the last quarter. Two Sigma Investments LP increased its position in Porch Group by 1,564.1% during the fourth quarter. Two Sigma Investments LP now owns 197,127 shares of the company’s stock worth $970,000 after acquiring an additional 185,281 shares during the period. ProShare Advisors LLC increased its holdings in shares of Porch Group by 51.0% during the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock worth $109,000 after purchasing an additional 7,506 shares during the period. Finally, Progeny 3 Inc. acquired a new position in Porch Group in the 4th quarter valued at approximately $339,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Price Performance

The business has a 50 day moving average of $4.77 and a 200 day moving average of $3.18. The firm has a market capitalization of $788.99 million, a price-to-earnings ratio of -9.43 and a beta of 2.03.

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.