Porch Group, Inc. (NASDAQ:PRCH) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Porch Group, Inc. (NASDAQ:PRCH) have received an average rating of “Buy” from the eight research firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $7.03.

Several research firms have weighed in on PRCH. Benchmark increased their price target on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a report on Wednesday, February 26th. Stephens upped their price objective on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Oppenheimer lifted their target price on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Finally, Craig Hallum upped their price target 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.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Matthew Neagle sold 27,328 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.99, for a total transaction of $191,022.72. Following the transaction, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at approximately $9,483,535.71. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 195,554 shares of company stock worth $1,220,190. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently modified their holdings of PRCH. Portolan Capital Management LLC increased its holdings in Porch Group by 476.0% in the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after purchasing an additional 1,900,416 shares in the last quarter. Granahan Investment Management LLC increased its stake in shares of Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after buying an additional 1,897,816 shares during the period. Driehaus Capital Management LLC bought a new position in Porch Group in the 4th quarter valued at approximately $8,550,000. Invesco Ltd. boosted its position in Porch Group by 4,365.6% during the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after buying an additional 1,644,614 shares during the period. Finally, Vanguard Group Inc. increased its position in Porch Group by 24.9% in the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after acquiring an additional 1,100,224 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Price Performance

Shares of PRCH opened at $7.58 on Thursday. The company’s 50-day moving average is $5.38 and its 200-day moving average is $3.92. The firm has a market capitalization of $910.09 million, a PE ratio of -10.83 and a beta of 2.04. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $8.49.

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.