Porch Group (NASDAQ:PRCH) Reaches New 1-Year High - Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $12.89 and last traded at $12.47, with a volume of 558980 shares changing hands. The stock had previously closed at $12.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. B. Riley assumed coverage on Porch Group in a report on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price objective on the stock. Benchmark raised their price target on Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Oppenheimer raised their price target on Porch Group from $9.00 to $14.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Stephens raised their price target on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Finally, Keefe, Bruyette & Woods raised their price target on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $10.28.

Porch Group Trading Down 1.8%

The firm has a 50 day simple moving average of $10.17 and a two-hundred day simple moving average of $7.09. The company has a market capitalization of $1.51 billion, a PE ratio of -88.93 and a beta of 2.67.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. Research analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $9.94, for a total transaction of $596,400.00. Following the completion of the transaction, the chief operating officer directly owned 1,078,080 shares of the company's stock, valued at approximately $10,716,115.20. The trade was a 5.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Alan R. Pickerill sold 40,000 shares of Porch Group stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total value of $450,400.00. Following the transaction, the director directly owned 182,416 shares of the company's stock, valued at approximately $2,054,004.16. This represents a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,000 shares of company stock valued at $4,895,150 in the last three months. 23.32% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of PRCH. FNY Investment Advisers LLC acquired a new position in Porch Group during the first quarter worth $29,000. Jones Financial Companies Lllp acquired a new position in Porch Group during the fourth quarter worth $35,000. Raymond James Financial Inc. acquired a new position in Porch Group during the fourth quarter worth $50,000. Ameriprise Financial Inc. acquired a new position in Porch Group during the fourth quarter worth $51,000. Finally, Tower Research Capital LLC TRC raised its holdings in Porch Group by 91.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after purchasing an additional 5,273 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.