Porch Group (NASDAQ:PRCH) Shares Gap Up - Still a Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.96, but opened at $5.23. Porch Group shares last traded at $5.51, with a volume of 553,622 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. 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. Stephens boosted 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. Benchmark reiterated a "buy" rating and issued a $7.00 target price on shares of Porch Group in a report on Tuesday, October 29th. Loop Capital restated a "hold" rating and set a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Finally, Oppenheimer upped their price objective on shares of Porch Group from $4.00 to $7.00 and gave the stock an "outperform" rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $5.34.

Porch Group Price Performance

The firm has a market capitalization of $676.62 million, a P/E ratio of -8.09 and a beta of 2.14. The stock's fifty day simple moving average is $3.36 and its 200 day simple moving average is $2.19.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the sale, the chief financial officer now owns 287,839 shares of the company's stock, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds have recently made changes to their positions in the company. Zacks Investment Management purchased a new stake in Porch Group during the 3rd quarter valued at about $32,000. Mackenzie Financial Corp boosted its position in Porch Group by 102.4% in the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company's stock valued at $36,000 after buying an additional 12,097 shares during the last quarter. Caprock Group LLC purchased a new stake in Porch Group in the third quarter valued at approximately $37,000. SG Americas Securities LLC acquired a new position in Porch Group in the 3rd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC purchased a new position in Porch Group during the 3rd quarter worth approximately $46,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.