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

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares traded 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 trading, a decline of 39% from the average session volume of 2,183,406 shares. The stock had previously closed at $10.83.

Analysts Set New Price Targets

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

Porch Group Trading Up 10.2%

The business has a 50-day moving average price of $9.08 and a 200 day moving average price of $6.68. The stock has a market capitalization of $1.45 billion, a P/E ratio of -85.29 and a beta of 2.63.

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 company had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. On average, sell-side analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Porch Group

In other Porch Group news, Director Alan R. Pickerill sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total value of $450,400.00. Following the completion of the sale, the director now directly owns 182,416 shares in the company, valued at $2,054,004.16. This trade represents a 17.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 10,000 shares of the business's stock in a transaction 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 transaction, the chief financial officer now owns 218,580 shares in the company, valued at approximately $1,167,217.20. This trade represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 475,000 shares of company stock valued at $4,895,150 in the last ninety days. Corporate insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

Several hedge funds have recently made changes to their positions in PRCH. FNY Investment Advisers LLC acquired a new stake in shares of Porch Group in the first quarter worth $29,000. Jones Financial Companies Lllp purchased a new stake in Porch Group in the fourth quarter valued at $35,000. Raymond James Financial Inc. acquired a new stake in Porch Group during the 4th quarter worth about $50,000. Ameriprise Financial Inc. purchased a new position in shares of Porch Group during the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after buying an additional 5,273 shares during the period. 48.48% of the stock is owned by institutional investors and hedge funds.

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.

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