Porch Group, Inc. (NASDAQ:PRCH) Receives Average Rating of “Buy” from Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have been assigned an average recommendation of “Buy” from the eight ratings firms that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $7.03.

Several analysts recently issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. 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 research note on Wednesday, February 26th. Stephens boosted their price target on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday. Oppenheimer increased their price objective 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 lifted 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.

Insider Buying and Selling

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $6.24, for a total transaction of $374,400.00. Following the completion of the sale, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. This represents a 4.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Portolan Capital Management LLC grew its stake in shares of Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after acquiring an additional 1,900,416 shares during the last quarter. Granahan Investment Management LLC grew its position in Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of Porch Group during the 4th quarter worth about $8,550,000. Invesco Ltd. increased its holdings in shares of 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 purchasing an additional 1,644,614 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after buying an additional 1,100,224 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

Porch Group Stock Performance

Porch Group stock opened at $6.86 on Thursday. The firm’s 50 day moving average price is $5.25 and its two-hundred day moving average price is $3.84. Porch Group has a twelve month low of $1.05 and a twelve month high of $7.30. The firm has a market cap of $823.64 million, a PE ratio of -9.80 and a beta of 2.04.

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.