Porch Group (NASDAQ:PRCH) Sets New 1-Year High – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $7.64 and last traded at $7.74, with a volume of 933397 shares trading hands. The stock had previously closed at $6.86.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PRCH shares. Oppenheimer upped their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Stephens increased their price objective on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday. Benchmark boosted their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods raised their price target on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research note on Monday, March 3rd. Finally, Craig Hallum boosted their price target on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. One investment 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 stock. Based on data from MarketBeat, Porch Group has a consensus rating of “Buy” and a consensus price target of $7.03.

Porch Group Price Performance

The company has a market cap of $909.36 million, a price-to-earnings ratio of -10.81 and a beta of 2.04. The firm has a fifty day simple moving average of $5.25 and a 200 day simple moving average of $3.84.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. This represents a 37.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,384,057 shares in the company, valued at approximately $8,636,515.68. This represents a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Portolan Capital Management LLC raised its position in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after buying an additional 1,900,416 shares during the last quarter. Granahan Investment Management LLC raised its holdings in Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC bought a new stake in shares of Porch Group in the 4th quarter worth approximately $8,550,000. Invesco Ltd. lifted its position in Porch Group by 4,365.6% in the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after purchasing an additional 1,644,614 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after buying an additional 1,100,224 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

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.