Porch Group (NASDAQ:PRCH) Stock Price Up 4.8% – Still a Buy?

Shares of Porch Group, Inc. (NASDAQ:PRCH) rose 4.8% on Wednesday . The stock traded as high as $6.06 and last traded at $5.88. Approximately 424,992 shares were traded during trading, a decline of 80% from the average daily volume of 2,145,583 shares. The stock had previously closed at $5.61.

Analysts Set New Price Targets

PRCH has been the subject of several research reports. Craig Hallum raised their target price on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Keefe, Bruyette & Woods raised their target price on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research note on Monday, March 3rd. Oppenheimer raised their target price on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Wednesday, February 26th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Wednesday, February 26th. Finally, Benchmark increased their price target on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $6.41.

Porch Group Trading Up 6.5 %

The stock has a 50-day moving average of $5.03 and a two-hundred day moving average of $3.55. The firm has a market cap of $713.18 million, a price-to-earnings ratio of -8.49 and a beta of 2.04.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 21,774 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This represents a 7.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently bought and sold shares of PRCH. Jefferies Financial Group Inc. purchased a new stake in shares of Porch Group during the 4th quarter worth about $4,135,000. Squarepoint Ops LLC purchased a new stake in shares of Porch Group during the 4th quarter worth about $57,000. Two Sigma Advisers LP raised its stake in shares of Porch Group by 44.1% during the 4th quarter. Two Sigma Advisers LP now owns 123,600 shares of the company’s stock worth $608,000 after purchasing an additional 37,800 shares in the last quarter. Two Sigma Investments LP raised its stake in shares of Porch Group by 1,564.1% during the 4th quarter. Two Sigma Investments LP now owns 197,127 shares of the company’s stock worth $970,000 after purchasing an additional 185,281 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Porch Group by 51.0% during the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock worth $109,000 after purchasing an additional 7,506 shares in the last quarter. 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.