Porch Group (NASDAQ:PRCH) Shares Up 4.3% – Still a Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares shot up 4.3% on Thursday . The company traded as high as $6.48 and last traded at $6.54. 252,991 shares were traded during trading, a decline of 88% from the average session volume of 2,133,150 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

PRCH has been the subject of a number of research analyst reports. Craig Hallum raised 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 raised their price objective 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 company an “outperform” rating in a research report on Wednesday, February 26th. Stephens increased their price target on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company 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 issued a strong buy rating to the company. According to data from MarketBeat, Porch Group has a consensus rating of “Buy” and a consensus price target of $7.03.

Porch Group Stock Performance

The firm’s 50 day moving average is $5.21 and its 200-day moving average is $3.77. The stock has a market capitalization of $816.44 million, a price-to-earnings ratio of -9.71 and a beta of 2.04.

Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the transaction, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. The trade was a 37.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $8,636,515.68. The trade was a 4.15 % decrease in their position. The disclosure for this sale can be found here. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC lifted its holdings in Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after purchasing an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in shares of Porch Group during the 4th quarter worth about $35,000. Rik Saylor Financial Inc. acquired a new position in shares of Porch Group during the 4th quarter worth about $49,000. Raymond James Financial Inc. purchased a new position in Porch Group in the 4th quarter valued at about $50,000. Finally, GAMMA Investing LLC acquired a new stake in Porch Group in the 4th quarter worth about $50,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.