Porch Group (NASDAQ:PRCH) Trading Up 10.3% – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH)’s share price shot up 10.3% during mid-day trading on Tuesday . The company traded as high as $5.30 and last traded at $5.31. 790,880 shares traded hands during trading, a decline of 25% from the average session volume of 1,056,406 shares. The stock had previously closed at $4.81.

Analyst Ratings Changes

A number of brokerages have issued reports on PRCH. Stephens boosted their price objective on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Oppenheimer upped 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. 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. Benchmark restated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Finally, Loop Capital reiterated a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a research note on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Stock Down 6.8 %

The business’s fifty day moving average is $4.83 and its two-hundred day moving average is $3.08. The stock has a market capitalization of $574.99 million, a PE ratio of -6.87 and a beta of 2.03.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the transaction, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.46% of the stock is currently owned by insiders.

Institutional Trading of Porch Group

A number of institutional investors have recently bought and sold shares of PRCH. Zacks Investment Management bought a new stake in Porch Group in the third quarter worth $32,000. Nisa Investment Advisors LLC increased its stake in shares of Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after buying an additional 6,527 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Porch Group during the fourth quarter valued at $35,000. Caprock Group LLC purchased a new position in Porch Group in the third quarter valued at about $37,000. Finally, SG Americas Securities LLC purchased a new position in Porch Group in the third quarter valued at about $42,000. 48.48% of the stock is currently owned by institutional investors.

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.