Porch Group (NASDAQ:PRCH) Reaches New 1-Year High - Here's Why

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $12.24 and last traded at $12.14, with a volume of 329480 shares trading hands. The stock had previously closed at $11.78.

Analysts Set New Price Targets

Several research analysts have weighed in on PRCH shares. Stephens upped their price objective on shares of Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Benchmark boosted their price target on shares of Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods raised their target price on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Oppenheimer boosted their price target on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Finally, Loop Capital reaffirmed a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $8.89.

Porch Group Stock Up 0.1%

The company has a market cap of $1.43 billion, a PE ratio of -84.21 and a beta of 2.63. The company's fifty day moving average is $9.34 and its 200-day moving average is $6.79.

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

Insider Transactions at Porch Group

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

Hedge Funds Weigh In On Porch Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership purchased a new position in Porch Group in the fourth quarter worth about $176,000. Rhumbline Advisers boosted its holdings in shares of Porch Group by 28.7% in the first quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock valued at $725,000 after purchasing an additional 22,159 shares during the period. GAMMA Investing LLC grew its stake in Porch Group by 801.6% in the first quarter. GAMMA Investing LLC now owns 91,285 shares of the company's stock worth $665,000 after purchasing an additional 81,160 shares in the last quarter. Ameriprise Financial Inc. bought a new position in Porch Group in the fourth quarter worth approximately $51,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock valued at $3,593,000 after purchasing an additional 505,660 shares during the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.