Porch Group (NASDAQ:PRCH) Stock Price Up 2.5% - Here's Why

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares traded up 2.5% on Monday . The company traded as high as $7.49 and last traded at $7.58. 617,208 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 1,766,257 shares. The stock had previously closed at $7.39.

Analysts Set New Price Targets

Several research firms recently weighed in on PRCH. Oppenheimer upped their price target on shares of Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Benchmark upped their target price on Porch Group from $7.00 to $10.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. Loop Capital upgraded Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a report on Wednesday, February 26th. Craig Hallum upped their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a report on Friday, December 6th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Porch Group from $3.50 to $6.00 and gave the stock a "market perform" rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $7.03.

Porch Group Stock Down 7.7 %

The stock has a fifty day moving average price of $5.68 and a two-hundred day moving average price of $4.14. The company has a market capitalization of $774.41 million, a price-to-earnings ratio of -9.21 and a beta of 2.04.

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Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 108,226 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Matthew Neagle sold 27,328 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.99, for a total value of $191,022.72. Following the completion of the transaction, the chief operating officer now owns 1,356,729 shares of the company's stock, valued at approximately $9,483,535.71. This represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,554 shares of company stock valued at $1,220,190 over the last quarter. Company insiders own 23.46% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Zacks Investment Management acquired a new stake in Porch Group during the 3rd quarter valued at $32,000. Nisa Investment Advisors LLC grew its stake in shares of Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock valued at $33,000 after acquiring an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Porch Group during the fourth quarter worth about $35,000. Rik Saylor Financial Inc. acquired a new position in shares of Porch Group in the fourth quarter worth about $49,000. Finally, GAMMA Investing LLC purchased a new position in Porch Group in the fourth quarter valued at about $50,000. 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.