Porch Group (NASDAQ:PRCH) Reaches New 1-Year High – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) shares reached a new 52-week high on Monday . The company traded as high as $5.91 and last traded at $5.88, with a volume of 2268961 shares. The stock had previously closed at $5.35.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PRCH. Benchmark reaffirmed a “buy” rating and set a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Oppenheimer lifted their target price on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Craig Hallum upped their price target on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. Loop Capital reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a research note on Monday, December 9th. Finally, Stephens boosted their target price 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. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Trading Up 8.8 %

The stock has a market cap of $695.72 million, a price-to-earnings ratio of -8.27 and a beta of 2.14. The company has a fifty day simple moving average of $2.91 and a 200-day simple moving average of $2.06.

Insider Activity

In other news, CFO Shawn Tabak sold 15,000 shares of Porch Group stock in a transaction on Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the transaction, the chief financial officer now owns 278,298 shares in the company, valued at approximately $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 23.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Porch Group

Hedge funds have recently bought and sold shares of the business. Harbor Capital Advisors Inc. increased its holdings in shares of Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after purchasing an additional 2,457,915 shares during the period. Renaissance Technologies LLC grew its position in Porch Group by 53.8% during 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 in the last quarter. GSA Capital Partners LLP increased its stake in Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after buying an additional 1,058,653 shares during the period. Citizens Financial Group Inc. RI lifted its position in Porch Group by 128.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after buying an additional 225,000 shares in the last quarter. Finally, Acadian Asset Management LLC boosted 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 valued at $2,369,000 after buying an additional 1,282,500 shares during the period. 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.