Porch Group (NASDAQ:PRCH) Shares Up 10.3% - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) traded up 10.3% during mid-day trading on Tuesday . The stock traded as high as $5.30 and last traded at $5.31. Approximately 790,880 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 1,056,406 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRCH. Loop Capital reissued a "hold" rating and set a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Oppenheimer boosted their target price on shares of Porch Group from $4.00 to $7.00 and gave the company an "outperform" rating in a research note on Monday, December 9th. Benchmark reaffirmed a "buy" rating and issued a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Craig Hallum boosted their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Finally, Stephens lifted their price target on shares of Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group has a consensus rating of "Moderate Buy" and a consensus price target of $5.34.

Porch Group Stock Performance

The firm has a market capitalization of $517.63 million, a P/E ratio of -6.19 and a beta of 2.03. The business's fifty day moving average price is $4.81 and its two-hundred day moving average price is $3.10.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the company's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares in the company, valued at approximately $1,727,034. This represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 23.46% of the company's stock.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in Porch Group in the 3rd quarter worth approximately $42,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company's stock valued at $5,794,000 after acquiring an additional 2,457,915 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Porch Group in the third quarter worth $46,000. GSA Capital Partners LLP increased its stake in shares of Porch Group by 223.4% in the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company's stock worth $2,353,000 after acquiring an additional 1,058,653 shares during the period. Finally, Caprock Group LLC purchased a new position in shares of Porch Group during the third quarter worth $37,000. 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.