Porch Group (NASDAQ:PRCH) Reaches New 12-Month High - Here's Why

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.91 and last traded at $5.88, with a volume of 2268961 shares changing hands. The stock had previously closed at $5.35.

Analyst Upgrades and Downgrades

PRCH has been the topic of a number of recent research reports. Loop Capital reissued a "hold" rating and set a $6.00 target price on shares of Porch Group in a research report on Monday, December 9th. Benchmark reissued a "buy" rating and issued a $7.00 price objective on shares of Porch Group in a research report on Tuesday, October 29th. Stephens lifted their target price on Porch Group from $4.00 to $5.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. Craig Hallum boosted their price target on Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, Oppenheimer raised their price objective on Porch Group from $4.00 to $7.00 and gave the company an "outperform" rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Porch Group has an average rating of "Moderate Buy" and an average price target of $5.34.

Porch Group Stock Up 8.8 %

The stock has a 50 day moving average of $2.91 and a 200 day moving average of $2.06. The firm has a market capitalization of $695.72 million, a price-to-earnings ratio of -8.27 and a beta of 2.14.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the sale, the chief financial officer now owns 278,298 shares in the company, valued at $556,596. This represents a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 23.46% of the company's stock.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently made changes to their positions in PRCH. Harbor Capital Advisors Inc. boosted its position in Porch Group by 186.6% during the 3rd 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. Acadian Asset Management LLC boosted its holdings in shares of 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 acquiring an additional 1,282,500 shares during the period. GSA Capital Partners LLP boosted 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 period. Renaissance Technologies LLC grew its position in shares of Porch Group by 53.8% during the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company's stock worth $3,299,000 after acquiring an additional 763,800 shares during the last quarter. Finally, Portolan Capital Management LLC acquired a new stake in shares of Porch Group in the 3rd quarter worth about $613,000. 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.

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