Porch Group (NASDAQ:PRCH) Trading Up 9% - Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price shot up 9% during trading on Thursday . The company traded as high as $11.72 and last traded at $11.81. 1,339,568 shares were traded during mid-day trading, a decline of 39% from the average session volume of 2,183,406 shares. The stock had previously closed at $10.83.

Analyst Ratings Changes

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

Porch Group Stock Down 1.3%

The business's 50-day moving average is $9.34 and its two-hundred day moving average is $6.79. The company has a market capitalization of $1.43 billion, a P/E ratio of -84.14 and a beta of 2.63.

Porch Group (NASDAQ:PRCH - Get Free Report) last released 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 firm had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. Analysts predict that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Activity at Porch Group

In related news, COO Matthew Neagle sold 250,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $10.23, for a total transaction of $2,557,500.00. Following the completion of the sale, the chief operating officer now owns 1,198,080 shares in the company, valued at approximately $12,256,358.40. This trade represents a 17.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $10.75, for a total transaction of $268,750.00. Following the sale, the director now owns 202,991 shares of the company's stock, valued at $2,182,153.25. This trade represents a 10.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 475,000 shares of company stock valued at $4,895,150 over the last ninety days. Corporate insiders own 23.32% of the company's stock.

Institutional Trading of Porch Group

Large investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new stake in Porch Group during the first quarter worth about $29,000. Jones Financial Companies Lllp purchased a new stake in Porch Group during the fourth quarter worth about $35,000. CWM LLC increased its holdings in Porch Group by 112.2% during the first quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after buying an additional 4,617 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Porch Group during the fourth quarter worth about $50,000. Finally, Ameriprise Financial Inc. purchased a new stake in Porch Group during the fourth quarter worth about $51,000. Hedge funds and other 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.