Porch Group (NASDAQ:PRCH) Stock Price Up 5.5% - Here's Why

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) traded up 5.5% during trading on Tuesday . The company traded as high as $6.01 and last traded at $6.11. 560,938 shares were traded during trading, a decline of 70% from the average session volume of 1,850,086 shares. The stock had previously closed at $5.79.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PRCH. Benchmark boosted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a research note on Wednesday, February 26th. Loop Capital raised Porch Group from a "hold" rating to a "buy" rating and set a $6.00 target price for the company in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods increased their price target on Porch Group from $3.50 to $6.00 and gave the stock a "market perform" rating in a report on Monday, March 3rd. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Finally, Oppenheimer raised their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $7.32.

Porch Group Stock Performance

The stock has a market capitalization of $766.25 million, a P/E ratio of -9.16 and a beta of 2.15. The company's 50-day moving average price is $6.10 and its 200 day moving average price is $4.73.

Insider Transactions at Porch Group

In other news, COO Matthew Neagle sold 27,328 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $6.99, for a total value of $191,022.72. Following the completion of the sale, the chief operating officer now directly owns 1,356,729 shares in the company, valued at $9,483,535.71. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Shawn Tabak sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the sale, the chief financial officer now owns 218,580 shares of the company's stock, valued at $1,167,217.20. The trade was a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,554 shares of company stock valued at $1,273,590. 23.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRCH. Barclays PLC lifted its stake in Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company's stock worth $207,000 after purchasing an additional 108,748 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Porch Group by 8.9% in the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock valued at $3,052,000 after purchasing an additional 163,133 shares during the period. Franklin Resources Inc. acquired a new position in shares of Porch Group in the third quarter valued at approximately $238,000. GAMMA Investing LLC acquired a new stake in Porch Group during the 4th quarter worth approximately $50,000. Finally, Moody National Bank Trust Division lifted its holdings in Porch Group by 11.5% during the 4th quarter. Moody National Bank Trust Division now owns 441,800 shares of the company's stock worth $2,174,000 after buying an additional 45,639 shares in the last quarter. 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.