Keefe, Bruyette & Woods Raises Porch Group (NASDAQ:PRCH) Price Target to $6.00

Porch Group (NASDAQ:PRCH) had its price objective raised by Keefe, Bruyette & Woods from $3.50 to $6.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other brokerages also recently commented on PRCH. Craig Hallum upped their target price on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Benchmark upped their target price on Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Oppenheimer upped their target price on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research note on Wednesday, February 26th. Finally, Stephens upped their target price on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.41.

Porch Group Stock Performance

Shares of PRCH stock opened at $7.19 on Monday. 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 capitalization of $859.52 million, a PE ratio of -10.27 and a beta of 2.03. The stock’s 50-day simple moving average is $4.95 and its 200-day simple moving average is $3.38.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. This represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

Hedge funds have recently made changes to their positions in the company. Harbor Capital Advisors Inc. raised its holdings in shares of Porch Group by 186.6% during the third 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 during the last quarter. Franklin Resources Inc. acquired a new position in shares of Porch Group during the third quarter valued at approximately $238,000. Barclays PLC raised its holdings in shares of Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock valued at $207,000 after acquiring an additional 108,748 shares during the last quarter. GSA Capital Partners LLP raised its holdings in shares of Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after acquiring an additional 1,058,653 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in shares of Porch Group by 128.6% during the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock valued at $614,000 after acquiring an additional 225,000 shares during the last quarter. Institutional investors and hedge funds 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.