Porch Group (NASDAQ:PRCH) Trading Up 7.4% - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price traded up 7.4% during trading on Tuesday . The stock traded as high as $4.99 and last traded at $5.01. 160,580 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,827,620 shares. The stock had previously closed at $4.66.

Wall Street Analyst Weigh In

PRCH has been the topic of a number of recent research reports. Benchmark increased their price objective 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. Keefe, Bruyette & Woods lifted their price target on Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Oppenheimer increased their price target on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. Loop Capital raised shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price objective on the stock in a research report on Wednesday, February 26th. Finally, Stephens increased their target price on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $7.32.

Porch Group Trading Up 2.8 %

The company has a market cap of $677.76 million, a PE ratio of -8.07 and a beta of 2.15. The firm's 50-day simple moving average is $5.97 and its two-hundred day simple moving average is $4.58.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the sale, the chief financial officer now owns 218,580 shares in the company, valued at $1,167,217.20. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Matthew Neagle sold 27,328 shares of the firm'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 transaction of $191,022.72. Following the transaction, the chief operating officer now directly owns 1,356,729 shares of the company's stock, valued at $9,483,535.71. This represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 205,554 shares of company stock valued at $1,273,590 in the last ninety days. Company insiders own 23.46% of the company's stock.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PRCH. FNY Investment Advisers LLC purchased a new stake in Porch Group in the first quarter valued at $29,000. Nisa Investment Advisors LLC lifted its holdings in shares of Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock valued at $33,000 after buying an additional 6,527 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of Porch Group in the 4th quarter valued at about $35,000. Rik Saylor Financial Inc. purchased a new stake in shares of Porch Group in the fourth quarter worth about $49,000. Finally, GAMMA Investing LLC acquired a new stake in Porch Group during the fourth quarter worth about $50,000. 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.