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

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $4.46, but opened at $4.80. Porch Group shares last traded at $4.89, with a volume of 348,847 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PRCH. Oppenheimer lifted their price objective on shares of Porch Group from $4.00 to $7.00 and gave the stock an "outperform" rating in a report on Monday, December 9th. Benchmark reiterated a "buy" rating and set a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Craig Hallum raised their price objective 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. Loop Capital reissued a "hold" rating and set a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Finally, Stephens raised their price target on Porch Group from $4.00 to $5.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Two 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. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $5.34.

Porch Group Trading Up 7.2 %

The stock has a market cap of $571.42 million, a PE ratio of -6.83 and a beta of 2.05. The business has a fifty day simple moving average of $4.42 and a two-hundred day simple moving average of $2.58.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 15,000 shares of the business's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now directly owns 278,298 shares in the company, valued at approximately $556,596. The trade was a 5.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PRCH. Bank of New York Mellon Corp increased its stake in Porch Group by 19.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company's stock worth $746,000 after acquiring an additional 78,892 shares during the last quarter. Rhumbline Advisers purchased a new position in Porch Group in the second quarter worth about $99,000. Citizens Financial Group Inc. RI bought a new stake in Porch Group during the second quarter worth approximately $264,000. Renaissance Technologies LLC raised its position in Porch Group by 53.8% during the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company's stock valued at $3,299,000 after purchasing an additional 763,800 shares during the period. Finally, XTX Topco Ltd lifted its stake in shares of Porch Group by 178.4% in the 2nd quarter. XTX Topco Ltd now owns 83,756 shares of the company's stock valued at $126,000 after purchasing an additional 53,667 shares during the last quarter. Hedge funds and other institutional investors 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.