Porch Group (NASDAQ:PRCH) Reaches New 12-Month High Following Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH)’s share price reached a new 52-week high during trading on Thursday after Oppenheimer raised their price target on the stock from $7.00 to $8.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $6.92 and last traded at $6.60, with a volume of 31953907 shares. The stock had previously closed at $3.79.

PRCH has been the subject of a number of other research reports. Stephens raised their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Wednesday. Finally, Benchmark lifted their target price on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $5.84.

Insider Buying and Selling at Porch Group

In other 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 transaction of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their position. The transaction 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Granahan Investment Management LLC raised its holdings in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after purchasing an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Porch Group by 186.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after purchasing an additional 2,457,915 shares in the last quarter. Portolan Capital Management LLC raised its holdings in shares of Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after purchasing an additional 1,900,416 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Porch Group by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock valued at $9,905,000 after purchasing an additional 24,824 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Porch Group Trading Up 4.3 %

The firm has a market cap of $835.61 million, a P/E ratio of -9.99 and a beta of 2.03. The business’s fifty day moving average price is $4.85 and its two-hundred day moving average price is $3.25.

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.