Porch Group (NASDAQ:PRCH) Hits New 12-Month High - Still a Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $13.63 and last traded at $13.48, with a volume of 2012275 shares changing hands. The stock had previously closed at $13.00.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Oppenheimer raised their price target on shares of Porch Group from $9.00 to $14.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Benchmark boosted their target price on shares of Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. B. Riley began coverage on shares of Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 target price on the stock. Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Finally, Loop Capital reiterated a "buy" rating and set a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $10.28.

Porch Group Stock Performance

The stock has a fifty day moving average price of $11.09 and a 200-day moving average price of $7.56. The firm has a market capitalization of $1.63 billion, a PE ratio of -95.57 and a beta of 2.67.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate 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.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 30,000 shares of Porch Group stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total value of $336,900.00. Following the transaction, the chief financial officer directly owned 172,671 shares of the company's stock, valued at $1,939,095.33. The trade was a 14.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Matthew Neagle sold 250,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $10.23, for a total value of $2,557,500.00. Following the completion of the transaction, the chief operating officer directly owned 1,198,080 shares in the company, valued at approximately $12,256,358.40. This represents a 17.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 465,000 shares of company stock valued at $4,841,750 in the last three months. 23.32% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Porch Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in Porch Group during the first quarter valued at approximately $29,000. CWM LLC increased its stake in Porch Group by 112.2% during the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after acquiring an additional 4,617 shares during the period. Raymond James Financial Inc. bought a new position in Porch Group during the 4th quarter worth $50,000. Ameriprise Financial Inc. bought a new position in shares of Porch Group in the 4th quarter valued at $51,000. Finally, Tower Research Capital LLC TRC grew its position in Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after acquiring an additional 5,273 shares during the last quarter. Institutional investors own 48.48% of the company's stock.

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.