Porch Group (NASDAQ:PRCH) Stock Price Up 8.1% – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) shot up 8.1% on Friday . The stock traded as high as $4.96 and last traded at $4.94. 1,230,254 shares traded hands during mid-day trading, a decline of 23% from the average session volume of 1,604,516 shares. The stock had previously closed at $4.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PRCH shares. Stephens increased their target price on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Oppenheimer increased their price objective on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Craig Hallum lifted their price objective 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 reaffirmed a “hold” rating and issued a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Finally, Benchmark reissued a “buy” rating and set a $7.00 price target on shares of Porch Group in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $5.34.

Porch Group Price Performance

The company’s 50-day moving average price is $3.22 and its 200-day moving average price is $2.15. The company has a market cap of $608.48 million, a P/E ratio of -7.27 and a beta of 2.14.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $6.00, for a total value of $130,644.00. Following the sale, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. grew its holdings in shares of Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after acquiring an additional 2,457,915 shares in the last quarter. Acadian Asset Management LLC boosted its position in Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after purchasing an additional 1,282,500 shares during the last quarter. GSA Capital Partners LLP grew its stake in Porch Group by 223.4% in the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after purchasing an additional 1,058,653 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Porch Group by 53.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after purchasing an additional 763,800 shares during the last quarter. Finally, Portolan Capital Management LLC bought a new stake in shares of Porch Group during the 3rd quarter worth approximately $613,000. 48.48% of the stock is currently 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.