Porch Group (NASDAQ:PRCH) Trading 5.5% Higher - Here's Why

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) were up 5.5% during trading on Friday . The stock traded as high as $5.25 and last traded at $5.22. Approximately 81,043 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 902,343 shares. The stock had previously closed at $4.95.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRCH. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Loop Capital reaffirmed a "hold" rating and set a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Oppenheimer boosted their price objective 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. Stephens raised their price objective on shares of Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Finally, 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. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Porch Group currently has an average rating of "Moderate Buy" and a consensus target price of $5.34.

Porch Group Stock Up 7.5 %

The firm has a fifty day moving average of $3.98 and a 200-day moving average of $2.38. The stock has a market capitalization of $635.97 million, a price-to-earnings ratio of -7.60 and a beta of 2.14.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the firm's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the transaction, the chief financial officer now owns 287,839 shares of the company's stock, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 added to or reduced their stakes in PRCH. Harbor Capital Advisors Inc. raised its position in shares of Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company's stock valued at $5,794,000 after buying an additional 2,457,915 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Porch Group by 444.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company's stock worth $2,369,000 after purchasing an additional 1,282,500 shares during the period. GSA Capital Partners LLP boosted its holdings in shares of Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company's stock worth $2,353,000 after purchasing an additional 1,058,653 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Porch Group by 53.8% in the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company's stock valued at $3,299,000 after purchasing an additional 763,800 shares during the period. Finally, Portolan Capital Management LLC purchased a new position in Porch Group during the third quarter worth about $613,000. 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.