Porch Group (NASDAQ:PRCH) Trading Up 4.3% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCH) shares shot up 4.3% during mid-day trading on Thursday . The company traded as high as $6.48 and last traded at $6.54. 252,991 shares traded hands during trading, a decline of 88% from the average session volume of 2,133,150 shares. The stock had previously closed at $6.27.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PRCH. Oppenheimer lifted their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods boosted their price target on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research report on Monday, March 3rd. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Wednesday, February 26th. Benchmark lifted their price objective on Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, Craig Hallum lifted their price objective on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $6.41.

Porch Group Stock Performance

The firm has a 50 day moving average price of $5.13 and a two-hundred day moving average price of $3.71. The company has a market capitalization of $779.82 million, a P/E ratio of -9.26 and a beta of 2.04.

Insider Activity

In other news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares of the company’s stock, valued at $8,636,515.68. This represents a 4.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the transaction, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

A number of large investors have recently modified their holdings of PRCH. Caprock Group LLC acquired a new position in shares of Porch Group during the 3rd quarter worth about $37,000. Citizens Financial Group Inc. RI lifted its stake 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 valued at $614,000 after purchasing an additional 225,000 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Porch Group by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company’s stock valued at $363,000 after purchasing an additional 21,171 shares during the last quarter. Portolan Capital Management LLC acquired a new stake in Porch Group in the 3rd quarter valued at about $613,000. Finally, State Street Corp lifted its stake in Porch Group by 7.4% in the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock valued at $2,560,000 after purchasing an additional 115,176 shares during the last quarter. 48.48% of the stock is currently 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.