Porch Group (NASDAQ:PRCH) Sets New 12-Month High After Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) hit a new 52-week high during mid-day trading on Thursday after Oppenheimer raised their price target on the stock from $7.00 to $8.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $6.92 and last traded at $6.60, with a volume of 31953907 shares trading hands. The stock had previously closed at $3.79.

PRCH has been the topic of a number of other reports. Loop Capital upgraded shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 target price on the stock in a report on Wednesday. Craig Hallum lifted their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Benchmark raised their target price on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Stephens lifted their price target on Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a report on Monday, November 11th. 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. According to data from MarketBeat.com, Porch Group has an average rating of "Buy" and an average price target of $5.84.

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, the chief financial officer now owns 179,613 shares in the company, valued at approximately $1,086,658.65. The trade was a 37.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 23.46% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. raised its position in shares of Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company's stock valued at $5,794,000 after purchasing an additional 2,457,915 shares during the period. Portolan Capital Management LLC boosted its position in shares of Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock valued at $11,314,000 after acquiring an additional 1,900,416 shares during the period. Granahan Investment Management LLC grew its stake in shares of Porch Group by 19.0% in the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Porch Group in the fourth quarter valued at about $8,550,000. Finally, Invesco Ltd. increased its position in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock worth $8,277,000 after acquiring an additional 1,644,614 shares during the period. Institutional investors own 48.48% of the company's stock.

Porch Group Trading Up 4.3 %

The firm has a market cap of $835.61 million, a price-to-earnings ratio of -9.99 and a beta of 2.03. The firm's 50 day simple moving average is $4.85 and its two-hundred day simple moving average is $3.26.

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.