Porch Group (NASDAQ:PRCH) Stock Price Expected to Rise, Oppenheimer Analyst Says

Porch Group (NASDAQ:PRCH) had its price objective hoisted by Oppenheimer from $7.00 to $8.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also commented on PRCH. Benchmark increased their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday. Stephens increased their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Craig Hallum increased their price objective 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. Finally, 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 report on Wednesday. One equities 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. According to MarketBeat, Porch Group has a consensus rating of “Buy” and an average price target of $5.84.

Porch Group Stock Performance

PRCH opened at $6.99 on Wednesday. Porch Group has a twelve month low of $1.05 and a twelve month high of $7.19. The firm’s 50-day simple moving average is $4.85 and its 200-day simple moving average is $3.25. The firm has a market cap of $835.61 million, a price-to-earnings ratio of -9.99 and a beta of 2.03.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in shares of Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock valued at $54,000 after acquiring an additional 5,273 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Porch Group by 22.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock valued at $151,000 after acquiring an additional 5,557 shares during the period. Nisa Investment Advisors LLC raised its position in shares of 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 acquiring an additional 6,527 shares during the period. Jones Financial Companies Lllp acquired a new stake in shares of Porch Group in the 4th quarter valued at approximately $35,000. Finally, ProShare Advisors LLC raised its position in shares of Porch Group by 51.0% in the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock valued at $109,000 after acquiring an additional 7,506 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.