Porch Group (NASDAQ:PRCH) Trading Up 4.3% - Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) rose 4.3% during mid-day trading on Thursday . The stock traded as high as $6.48 and last traded at $6.54. Approximately 252,991 shares were traded during trading, a decline of 88% from the average daily volume of 2,133,150 shares. The stock had previously closed at $6.27.

Wall Street Analysts Forecast Growth

PRCH has been the subject of several recent analyst reports. Loop Capital upgraded shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 target price for the company in a report on Wednesday, February 26th. Keefe, Bruyette & Woods raised their price objective 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. Stephens boosted their target price on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday. Oppenheimer raised their target price on Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Finally, Craig Hallum increased their price objective 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 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 company. According to MarketBeat.com, Porch Group currently has an average rating of "Buy" and a consensus price target of $7.03.

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Porch Group Stock Performance

The company has a market capitalization of $818.84 million, a PE ratio of -9.73 and a beta of 2.04. The stock has a 50 day moving average price of $5.21 and a two-hundred day moving average price of $3.80.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now directly owns 179,613 shares of the company's stock, valued at $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Matthew Neagle sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. The trade was a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Caprock Group LLC acquired a new position in shares of Porch Group during the third quarter worth approximately $37,000. Charles Schwab Investment Management Inc. increased its position in Porch Group by 9.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company's stock worth $363,000 after acquiring an additional 21,171 shares during the period. Portolan Capital Management LLC acquired a new position in Porch Group during the 3rd quarter valued at $613,000. State Street Corp boosted its holdings in Porch Group by 7.4% in the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company's stock valued at $2,560,000 after purchasing an additional 115,176 shares during the period. Finally, Zacks Investment Management acquired a new stake in Porch Group in the 3rd quarter worth $32,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.