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

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price reached a new 52-week high 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.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Stephens increased 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. Benchmark increased their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, February 26th. Oppenheimer boosted their target price on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Craig Hallum upped their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Finally, Loop Capital raised shares of 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 analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $6.41.

Porch Group Stock Performance

The firm's fifty day moving average is $4.98 and its 200-day moving average is $3.47. The company has a market capitalization of $787.79 million, a P/E ratio of -9.41 and a beta of 2.04.

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Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the 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 directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 23.46% of the company's stock.

Institutional Trading of Porch Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Granahan Investment Management LLC boosted its position in Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after buying an additional 1,897,816 shares during the period. Vanguard Group Inc. raised its stake in shares of Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock valued at $27,117,000 after acquiring an additional 1,100,224 shares during the last quarter. Portolan Capital Management LLC lifted its holdings in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the period. Geode Capital Management LLC grew its stake in shares of Porch Group by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company's stock worth $9,905,000 after purchasing an additional 24,824 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Porch Group by 4.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company's stock valued at $9,398,000 after purchasing an additional 76,701 shares during the period. 48.48% of the stock is currently owned by institutional investors.

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.