Porch Group (NASDAQ:PRCH) Trading Up 12.1% - What's Next?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price shot up 12.1% on Friday . The company traded as high as $10.33 and last traded at $10.46. 539,060 shares traded hands during trading, a decline of 75% from the average session volume of 2,120,734 shares. The stock had previously closed at $9.33.

Analysts Set New Price Targets

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

Porch Group Price Performance

The firm has a market cap of $1.29 billion, a P/E ratio of -15.19 and a beta of 2.63. The stock's 50-day simple moving average is $7.63 and its two-hundred day simple moving average is $6.01.

Porch Group (NASDAQ:PRCH - Get Free Report) last released 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 firm had revenue of $104.75 million for the quarter, compared to analysts' expectations of $79.44 million. As a group, sell-side analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Insider Activity at Porch Group

In related news, COO Matthew Neagle sold 27,328 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.99, for a total value of $191,022.72. Following the transaction, the chief operating officer now owns 1,356,729 shares of the company's stock, valued at $9,483,535.71. This trade represents a 1.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Shawn Tabak sold 10,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the sale, the chief financial officer now directly owns 218,580 shares of the company's stock, 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 467,328 shares of company stock worth $4,404,523 in the last quarter. 23.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently made changes to their positions in PRCH. Portolan Capital Management LLC lifted its stake in Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after acquiring an additional 1,900,416 shares during the period. Granahan Investment Management LLC lifted its position in shares of Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Driehaus Capital Management LLC bought a new position in shares of Porch Group during the fourth quarter valued at approximately $8,550,000. Invesco Ltd. increased its holdings 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 buying an additional 1,644,614 shares during the period. Finally, Monashee Investment Management LLC bought a new position in Porch Group in the first quarter worth approximately $11,300,000. 48.48% of the stock is currently 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.

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