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

Porch Group, Inc. (NASDAQ:PRCH) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $7.26 and last traded at $7.18, with a volume of 1172100 shares changing hands. The stock had previously closed at $6.77.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PRCH shares. Oppenheimer boosted their target price on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Benchmark increased their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. Stephens lifted 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. Craig Hallum increased 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. Finally, Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Wednesday, February 26th. One research 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 MarketBeat.com, Porch Group has an average rating of “Buy” and a consensus target price of $6.41.

Porch Group Stock Up 2.2 %

The company has a 50 day simple moving average of $4.96 and a two-hundred day simple moving average of $3.40. The company has a market capitalization of $787.79 million, a P/E ratio of -9.41 and a beta of 2.04.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of the company’s 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 transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of the business. Granahan Investment Management LLC increased its stake in Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Vanguard Group Inc. lifted its holdings in Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after buying an additional 1,100,224 shares in the last quarter. Portolan Capital Management LLC boosted its position in Porch Group by 476.0% in the 4th 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 period. Geode Capital Management LLC increased its position in shares of Porch Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company’s stock worth $9,905,000 after acquiring an additional 24,824 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Porch Group by 4.2% during the fourth quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company’s stock valued at $9,398,000 after acquiring an additional 76,701 shares in the last quarter. 48.48% of the stock is owned by institutional investors.

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.