Porch Group (NASDAQ:PRCH) Shares Gap Up Following Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH)’s share price gapped up before the market opened on Wednesday after Oppenheimer raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $3.79, but opened at $4.85. Oppenheimer currently has an outperform rating on the stock. Porch Group shares last traded at $5.03, with a volume of 5,668,700 shares traded.

Other equities research analysts have also recently issued reports about the stock. Stephens lifted their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Craig Hallum lifted their price objective on shares of Porch Group from $4.00 to $8.00 and gave the stock 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 for the company in a research report on Wednesday. Finally, Benchmark lifted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $5.84.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 21,774 shares of Porch Group 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 sale, the chief financial officer now directly owns 287,839 shares in the company, valued at $1,727,034. This trade represents a 7.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of PRCH. Granahan Investment Management LLC increased its stake in 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 purchasing an additional 1,897,816 shares during the period. Vanguard Group Inc. increased its stake 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 purchasing an additional 1,100,224 shares during the period. Harbor Capital Advisors Inc. increased its stake in Porch Group by 186.6% in the third 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 during the period. Portolan Capital Management LLC increased its stake in Porch Group by 476.0% in the fourth 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 during the period. Finally, Geode Capital Management LLC increased its stake in Porch Group by 1.2% in the fourth 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 during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Price Performance

The company has a market capitalization of $788.99 million, a price-to-earnings ratio of -9.43 and a beta of 2.03. The business’s 50 day simple moving average is $4.77 and its 200 day simple moving average is $3.18.

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.