Porch Group (NASDAQ:PRCH) Shares Gap Up – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) shares gapped up before the market opened on Tuesday . The stock had previously closed at $4.96, but opened at $5.23. Porch Group shares last traded at $5.51, with a volume of 553,622 shares trading hands.

Analysts Set New Price Targets

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

Porch Group Stock Performance

The company has a market cap of $676.62 million, a P/E ratio of -8.09 and a beta of 2.14. The business has a fifty day simple moving average of $3.53 and a 200 day simple moving average of $2.24.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 287,839 shares in the company, valued at $1,727,034. The trade was a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PRCH. Harbor Capital Advisors Inc. lifted its holdings in Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Porch Group by 53.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after purchasing an additional 763,800 shares during the period. Marshall Wace LLP lifted its holdings in shares of Porch Group by 11.8% in the 2nd quarter. Marshall Wace LLP now owns 2,152,174 shares of the company’s stock worth $3,250,000 after purchasing an additional 226,721 shares during the last quarter. Geode Capital Management LLC boosted its position in Porch Group by 8.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after purchasing an additional 163,133 shares during the period. Finally, State Street Corp grew its stake in Porch Group by 7.4% during the 3rd 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 during the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

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.