Porch Group (NASDAQ:PRCH) Shares Gap Up – Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $4.96, but opened at $5.23. Porch Group shares last traded at $5.51, with a volume of 553,622 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRCH shares. Loop Capital reiterated a “hold” rating and set a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Craig Hallum increased their price objective on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Stephens boosted 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. Oppenheimer raised their price target on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Finally, Benchmark reissued a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a research report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Porch Group currently has an average rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Price Performance

The company’s 50-day moving average is $3.53 and its 200-day moving average is $2.24. The firm has a market capitalization of $676.62 million, a price-to-earnings ratio of -8.09 and a beta of 2.14.

Insider Activity

In other news, CFO Shawn Tabak sold 15,000 shares of Porch Group stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $2.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at $556,596. The trade was a 5.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its stake in shares of Porch Group by 19.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock valued at $746,000 after acquiring an additional 78,892 shares during the period. Panagora Asset Management Inc. acquired a new position in shares of Porch Group during the second quarter worth about $220,000. Rhumbline Advisers purchased a new stake in shares of Porch Group in the second quarter worth about $99,000. Acadian Asset Management LLC grew its stake in shares of Porch Group by 444.5% in the second 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. Finally, Citizens Financial Group Inc. RI acquired a new position in Porch Group during the 2nd quarter worth approximately $264,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

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.