Stephens Forecasts Strong Price Appreciation for Porch Group (NASDAQ:PRCH) Stock

Porch Group (NASDAQ:PRCH) had its price objective raised by Stephens from $8.00 to $10.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently commented on the company. Benchmark upped their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Oppenheimer upped their target price on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Craig Hallum upped their target price on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods upped their target price on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $7.03.

Porch Group Stock Up 6.2 %

Shares of Porch Group stock opened at $6.80 on Friday. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $7.30. The firm has a market cap of $816.44 million, a price-to-earnings ratio of -9.71 and a beta of 2.04. The business has a fifty day simple moving average of $5.21 and a 200-day simple moving average of $3.77.

Insider Activity

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the sale, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. The trade was a 4.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. 23.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds have recently bought and sold shares of the business. Jefferies Financial Group Inc. acquired a new position in Porch Group during the fourth quarter worth $4,135,000. Squarepoint Ops LLC acquired a new position in Porch Group during the fourth quarter worth $57,000. Two Sigma Advisers LP increased its position in Porch Group by 44.1% during the fourth quarter. Two Sigma Advisers LP now owns 123,600 shares of the company’s stock worth $608,000 after buying an additional 37,800 shares during the last quarter. Two Sigma Investments LP increased its position in Porch Group by 1,564.1% during the fourth quarter. Two Sigma Investments LP now owns 197,127 shares of the company’s stock worth $970,000 after buying an additional 185,281 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Porch Group by 51.0% during the fourth quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock worth $109,000 after buying an additional 7,506 shares during the last quarter. 48.48% of the stock is 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.