Porch Group (NASDAQ:PRCH) Hits New 52-Week High - Still a Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) reached 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 traded. The stock had previously closed at $11.78.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PRCH shares. Loop Capital reissued a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Benchmark upped their price target on Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods raised their price objective 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. B. Riley began coverage on Porch Group in a research note on Tuesday. They set a "buy" rating and a $15.00 target price on the stock. Finally, Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $10.28.

Porch Group Stock Down 1.1%

The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -87.86 and a beta of 2.67. The company's 50 day moving average price is $9.91 and its 200 day moving average price is $6.96.

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

Insider Transactions at Porch Group

In other news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction 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 sale, the chief operating officer owned 1,078,080 shares in the company, valued at $10,716,115.20. This represents a 5.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shawn Tabak sold 30,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total transaction of $336,900.00. Following the transaction, the chief financial officer directly owned 172,671 shares of the company's stock, valued at approximately $1,939,095.33. This trade represents a 14.80% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 475,000 shares of company stock worth $4,895,150 in the last ninety days. Corporate insiders own 23.32% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. Portolan Capital Management LLC lifted its holdings in shares of Porch Group by 476.0% in the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock valued at $11,314,000 after buying an additional 1,900,416 shares during the period. Granahan Investment Management LLC grew its holdings in Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after acquiring an additional 1,897,816 shares during the period. Driehaus Capital Management LLC purchased a new position in Porch Group during the fourth quarter valued at approximately $8,550,000. Invesco Ltd. raised its position in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company's stock valued at $8,277,000 after acquiring an additional 1,644,614 shares in the last quarter. Finally, Monashee Investment Management LLC acquired a new position in Porch Group in the first quarter valued at approximately $11,300,000. 48.48% of the stock is currently 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.