Porch Group (NASDAQ:PRCH) Trading Up 2.5% – Here’s What Happened

Shares of Porch Group, Inc. (NASDAQ:PRCH) were up 2.5% during mid-day trading on Monday . The stock traded as high as $7.49 and last traded at $7.58. Approximately 617,208 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 1,766,257 shares. The stock had previously closed at $7.39.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Oppenheimer raised their price objective on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Stephens upped their price objective on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Craig Hallum boosted their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $7.03.

Porch Group Price Performance

The company has a market capitalization of $900.72 million, a price-to-earnings ratio of -10.83 and a beta of 2.04. The firm’s fifty day moving average price is $5.49 and its 200-day moving average price is $4.02.

Insiders Place Their Bets

In related news, COO Matthew Neagle sold 27,328 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.99, for a total value of $191,022.72. Following the sale, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at $9,483,535.71. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction 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 completion of the sale, the chief financial officer now owns 179,613 shares of the company’s stock, valued at $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,554 shares of company stock valued at $1,220,190 in the last 90 days. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently made changes to their positions in PRCH. Portolan Capital Management LLC raised its position in shares of Porch Group by 476.0% during 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 lifted its position in shares of 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 period. Driehaus Capital Management LLC bought a new stake in shares of Porch Group in the 4th quarter valued at $8,550,000. Invesco Ltd. increased its position in shares of Porch Group by 4,365.6% during the fourth 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. lifted its holdings in Porch Group by 24.9% in 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 period. Institutional investors own 48.48% of the company’s stock.

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.