Porch Group (NASDAQ:PRCH) Trading Up 6.7% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) traded up 6.7% during trading on Monday . The company traded as high as $4.63 and last traded at $4.75. 331,474 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,089,829 shares. The stock had previously closed at $4.45.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PRCH shares. Craig Hallum upped their target price on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Loop Capital reissued a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a research report on Monday, December 9th. Oppenheimer increased their target price on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Benchmark reaffirmed a “buy” rating and set a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Finally, Stephens boosted their price objective on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.34.

Porch Group Price Performance

The firm has a market cap of $515.82 million, a PE ratio of -6.16 and a beta of 2.03. The firm has a 50-day simple moving average of $4.78 and a 200 day simple moving average of $2.82.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $111.20 million during the quarter. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. Sell-side analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at $1,727,034. This represents a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several hedge funds have recently modified their holdings of PRCH. Zacks Investment Management bought a new position in Porch Group during the third quarter valued at $32,000. Nisa Investment Advisors LLC increased its stake in Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after acquiring an additional 6,527 shares during the last quarter. Mackenzie Financial Corp raised its position in Porch Group by 102.4% during the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after purchasing an additional 12,097 shares during the period. Caprock Group LLC bought a new stake in shares of Porch Group in the 3rd quarter valued at approximately $37,000. Finally, SG Americas Securities LLC purchased a new position in shares of Porch Group in the 3rd quarter worth approximately $42,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.