Porch Group (NASDAQ:PRCH) Shares Gap Up - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares gapped up before the market opened on Friday . The stock had previously closed at $4.76, but opened at $5.05. Porch Group shares last traded at $5.34, with a volume of 846,389 shares.

Analyst Ratings Changes

Several brokerages recently weighed in on PRCH. Benchmark reaffirmed a "buy" rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Stephens increased their price objective on shares of Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Cantor Fitzgerald raised shares of Porch Group to a "strong-buy" rating in a research report on Tuesday, August 13th. Finally, Craig Hallum increased their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Porch Group has a consensus rating of "Buy" and an average target price of $4.75.

Porch Group Price Performance

The stock's 50-day moving average is $2.53 and its 200 day moving average is $1.97.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 23.46% of the stock is owned by company insiders.

Institutional Trading of Porch Group

Several hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. acquired a new stake in shares of Porch Group in the 3rd quarter worth $238,000. Barclays PLC lifted its stake in shares of Porch Group by 415.5% in the 3rd quarter. Barclays PLC now owns 134,919 shares of the company's stock worth $207,000 after acquiring an additional 108,748 shares during the period. Geode Capital Management LLC lifted its stake in shares of Porch Group by 8.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock worth $3,052,000 after acquiring an additional 163,133 shares during the period. Zacks Investment Management acquired a new stake in shares of Porch Group in the 3rd quarter worth $32,000. Finally, State Street Corp increased its holdings in shares of Porch Group by 7.4% in the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company's stock valued at $2,560,000 after purchasing an additional 115,176 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.

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.