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

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Loop Capital raised Porch Group from a "hold" rating to a "buy" rating and set a $6.00 target price on the stock in a report on Wednesday, February 26th. Benchmark boosted their target price on shares of Porch Group from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Oppenheimer upped their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Stephens lifted their target price on shares of Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Finally, Craig Hallum increased their price target on Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group presently has a consensus rating of "Buy" and a consensus target price of $7.32.

Porch Group Stock Performance

The company has a market cap of $677.16 million, a price-to-earnings ratio of -8.06 and a beta of 2.04. The stock's fifty day simple moving average is $5.68 and its two-hundred day simple moving average is $4.14.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 108,226 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares of the company's stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew Neagle sold 27,328 shares of Porch Group stock in a transaction on Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the transaction, the chief operating officer now owns 1,356,729 shares in the company, valued at $9,483,535.71. The trade was a 1.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 195,554 shares of company stock valued at $1,220,190. Company insiders own 23.46% of the company's stock.

Institutional Investors Weigh In On Porch Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after acquiring an additional 5,273 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Porch Group by 22.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company's stock valued at $151,000 after purchasing an additional 5,557 shares during the period. Nisa Investment Advisors LLC lifted its position 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 worth $33,000 after purchasing an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Porch Group in the fourth quarter valued at $35,000. Finally, ProShare Advisors LLC grew its holdings in Porch Group by 51.0% during the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company's stock valued at $109,000 after purchasing an additional 7,506 shares in the last quarter. Hedge funds and other institutional investors own 48.48% of the company's stock.

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.