Porch Group (NASDAQ:PRCH) Shares Up 8.1% - Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price rose 8.1% on Friday . The company traded as high as $4.96 and last traded at $4.94. Approximately 1,230,254 shares traded hands during trading, a decline of 23% from the average daily volume of 1,604,516 shares. The stock had previously closed at $4.57.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. 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 reissued a "buy" rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Loop Capital reaffirmed a "hold" rating and issued a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Craig Hallum lifted their price target 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, 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 report on Monday, December 9th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.34.

Porch Group Price Performance

The firm has a market cap of $608.48 million, a PE ratio of -7.27 and a beta of 2.14. The firm has a 50-day simple moving average of $3.29 and a 200 day simple moving average of $2.17.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the firm'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 owns 278,298 shares of the company's stock, valued at $556,596. This trade represents a 5.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 23.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. purchased a new position in shares of Porch Group in the 3rd quarter worth about $238,000. Barclays PLC increased its stake in Porch Group by 415.5% during the 3rd quarter. Barclays PLC now owns 134,919 shares of the company's stock valued at $207,000 after purchasing an additional 108,748 shares in the last quarter. Geode Capital Management LLC raised its holdings in Porch Group by 8.9% in the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock worth $3,052,000 after buying an additional 163,133 shares during the last quarter. Zacks Investment Management bought a new position in shares of Porch Group in the third quarter worth approximately $32,000. Finally, State Street Corp lifted its stake in shares of Porch Group by 7.4% in the third quarter. State Street Corp now owns 1,667,493 shares of the company's stock worth $2,560,000 after buying an additional 115,176 shares in the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.