Loop Capital Reiterates “Hold” Rating for Porch Group (NASDAQ:PRCH)

Loop Capital reiterated their hold rating on shares of Porch Group (NASDAQ:PRCH) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. They currently have a $6.00 price objective on the stock.

Other equities research analysts have also issued research reports about the stock. Stephens upped their price target 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. Craig Hallum increased their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday. Benchmark reissued a “buy” rating and set a $7.00 price objective on shares of Porch Group in a research report on Tuesday, October 29th. Finally, Cantor Fitzgerald raised Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.34.

Porch Group Price Performance

Shares of PRCH opened at $5.15 on Monday. The firm has a market capitalization of $615.63 million, a P/E ratio of -7.36 and a beta of 2.13. Porch Group has a one year low of $1.05 and a one year high of $5.70. The business has a fifty day moving average of $2.61 and a 200 day moving average of $1.98.

Insider Activity

In other news, CFO Shawn Tabak sold 15,000 shares of Porch Group stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the sale, the chief financial officer now owns 278,298 shares in the company, valued at $556,596. This trade represents a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in shares of Porch Group by 19.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock valued at $746,000 after purchasing an additional 78,892 shares during the last quarter. Panagora Asset Management Inc. bought a new position in Porch Group during the second quarter valued at approximately $220,000. Rhumbline Advisers bought a new position in Porch Group during the second quarter valued at approximately $99,000. Acadian Asset Management LLC grew its holdings in Porch Group by 444.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock valued at $2,369,000 after buying an additional 1,282,500 shares in the last quarter. Finally, Citizens Financial Group Inc. RI bought a new stake in Porch Group in the 2nd quarter worth approximately $264,000. 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.