Porch Group (NASDAQ:PRCH) Stock Price Up 5.5% – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) shares traded up 5.5% during trading on Friday . The stock traded as high as $5.25 and last traded at $5.22. 81,043 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 902,343 shares. The stock had previously closed at $4.95.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Benchmark reiterated a “buy” rating and set a $7.00 price objective on shares of Porch Group in a report on Tuesday, October 29th. Oppenheimer increased 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. Loop Capital reissued a “hold” rating and set a $6.00 price objective on shares of Porch Group in a research note on Monday, December 9th. Craig Hallum upped their price objective on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Stephens lifted their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Stock Performance

The firm has a fifty day moving average of $4.07 and a 200-day moving average of $2.42. The stock has a market capitalization of $635.97 million, a price-to-earnings ratio of -7.60 and a beta of 2.14.

Insider Activity at Porch Group

In other news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the transaction, the chief financial officer now directly owns 278,298 shares in the company, valued at approximately $556,596. This represents a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of Porch Group by 19.0% in the second quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock worth $746,000 after acquiring an additional 78,892 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Porch Group during the 2nd quarter valued at approximately $99,000. Acadian Asset Management LLC grew its position in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after buying an additional 1,282,500 shares in the last quarter. Citizens Financial Group Inc. RI bought a new stake in shares of Porch Group in the second quarter worth $264,000. Finally, Renaissance Technologies LLC raised its holdings in Porch Group by 53.8% in the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after acquiring an additional 763,800 shares in the last quarter. Institutional investors and hedge funds 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.