Porch Group (NASDAQ:PRCH) Stock Price Up 6.4% Following Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCHGet Free Report) shares rose 6.4% on Tuesday after Oppenheimer raised their price target on the stock from $4.00 to $7.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $5.67 and last traded at $5.48. Approximately 847,037 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 1,585,164 shares. The stock had previously closed at $5.15.

Other analysts also recently issued reports about the company. Stephens upped their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Loop Capital reissued a “hold” rating and set a $6.00 price objective on shares of Porch Group in a report on Monday. Cantor Fitzgerald upgraded Porch Group to a “strong-buy” rating in a research report on Tuesday, August 13th. Benchmark reissued a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a research note on Tuesday, October 29th. Finally, Craig Hallum lifted their price objective on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Porch Group currently has a consensus rating of “Moderate Buy” and an average target price of $5.34.

Get Our Latest Report on PRCH

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 278,298 shares in the company, valued at approximately $556,596. This represents a 5.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Zacks Investment Management acquired a new position in Porch Group during the third quarter valued at approximately $32,000. Mackenzie Financial Corp grew its position in Porch Group by 102.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after acquiring an additional 12,097 shares during the last quarter. Caprock Group LLC acquired a new position in Porch Group in the third quarter worth $37,000. SG Americas Securities LLC bought a new stake in shares of Porch Group during the third quarter worth $42,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Porch Group in the third quarter valued at about $46,000. 48.48% of the stock is currently owned by institutional investors.

Porch Group Price Performance

The firm has a market cap of $655.10 million, a price-to-earnings ratio of -7.36 and a beta of 2.14. The firm has a 50 day moving average price of $2.61 and a 200-day moving average price of $1.98.

About Porch Group

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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.

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