Porch Group (NASDAQ:PRCH) Reaches New 12-Month High Following Analyst Upgrade

Shares of Porch Group, Inc. (NASDAQ:PRCH) hit 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.

Several other equities analysts have also recently commented on the stock. Benchmark increased their price target on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday. Stephens raised their target price 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 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. Finally, Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Porch Group currently has a consensus rating of “Buy” and an average target price of $5.84.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several large investors have recently made changes to their positions in PRCH. Harbor Capital Advisors Inc. increased its stake in shares of 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 shares of 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. Granahan Investment Management LLC increased its stake in shares of 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. Driehaus Capital Management LLC acquired a new position in shares of Porch Group during the fourth quarter valued at approximately $8,550,000. Finally, Invesco Ltd. increased its stake in shares of Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock valued at $8,277,000 after acquiring an additional 1,644,614 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Stock Up 4.3 %

The firm has a market cap of $835.61 million, a price-to-earnings ratio of -9.99 and a beta of 2.03. The stock’s 50 day moving average is $4.85 and its 200 day moving average is $3.25.

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.