Porch Group (NASDAQ:PRCH) Hits New 1-Year High on Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) 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 traded. The stock had previously closed at $3.79.

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

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 287,839 shares in the company, valued at $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently added to or reduced their stakes in PRCH. Zacks Investment Management acquired a new position in shares of Porch Group in the 3rd quarter worth approximately $32,000. Nisa Investment Advisors LLC grew its position in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after purchasing an additional 6,527 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of Porch Group during the fourth quarter worth about $35,000. Caprock Group LLC bought a new stake in Porch Group during the 3rd quarter worth approximately $37,000. Finally, SG Americas Securities LLC purchased a new stake in Porch Group in the 3rd quarter valued at $42,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Price Performance

The company’s fifty day moving average price is $4.77 and its 200 day moving average price is $3.18. The company has a market cap of $788.99 million, a PE ratio of -9.43 and a beta of 2.03.

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.