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

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped up prior to trading on Friday after Craig Hallum raised their price target on the stock from $4.00 to $8.00. The stock had previously closed at $4.76, but opened at $5.05. Craig Hallum currently has a buy rating on the stock. Porch Group shares last traded at $5.34, with a volume of 846,389 shares changing hands.

Other equities research analysts also recently issued reports about the stock. Benchmark reaffirmed a “buy” rating and issued a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Stephens increased their price target on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Cantor Fitzgerald upgraded Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Keefe, Bruyette & Woods cut their target price on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a report on Thursday, August 8th. Finally, Oppenheimer decreased their price target on shares of Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research note on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $4.75.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $2.00, for a total value 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. This trade represents a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 23.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

A number of institutional investors have recently modified their holdings of PRCH. Franklin Resources Inc. purchased a new position in shares of Porch Group in the third quarter valued at $238,000. Barclays PLC boosted its stake in Porch Group by 415.5% in the 3rd quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after purchasing an additional 108,748 shares during the period. Geode Capital Management LLC grew its holdings in Porch Group by 8.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after buying an additional 163,133 shares in the last quarter. Zacks Investment Management bought a new stake in shares of Porch Group during the third quarter valued at about $32,000. Finally, State Street Corp lifted its holdings in shares of Porch Group by 7.4% in the third 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 in the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Price Performance

The business’s fifty day moving average price is $2.53 and its 200-day moving average price is $1.96. The stock has a market capitalization of $658.67 million, a PE ratio of -7.87 and a beta of 2.14.

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.