Porch Group (NASDAQ:PRCH) Trading 5.5% Higher – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s stock price rose 5.5% during trading on Friday . The company traded as high as $5.25 and last traded at $5.22. Approximately 81,043 shares were traded 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 recently weighed in on PRCH. Craig Hallum boosted their price objective on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Benchmark reissued a “buy” rating and set a $7.00 price target on shares of Porch Group in a research report on Tuesday, October 29th. Stephens lifted their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Oppenheimer increased their target price on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Finally, Loop Capital reaffirmed a “hold” rating and issued a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Price Performance

The firm’s fifty day moving average price is $4.07 and its 200-day moving average price is $2.42. The company has a market cap of $635.97 million, a price-to-earnings ratio of -7.60 and a beta of 2.14.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of Porch Group 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 sale, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 23.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new stake in Porch Group in the fourth quarter worth about $50,000. Franklin Resources Inc. acquired a new stake in shares of Porch Group in the 3rd quarter worth approximately $238,000. Barclays PLC boosted its holdings in shares of Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock valued at $207,000 after acquiring an additional 108,748 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Porch Group by 8.9% during the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after acquiring an additional 163,133 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Porch Group during the third quarter valued at approximately $32,000. 48.48% of the stock is 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.