Porch Group (NASDAQ:PRCH) Trading 12.1% Higher - Still a Buy?

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

Wall Street Analysts Forecast Growth

PRCH has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price objective on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Loop Capital reaffirmed 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. Oppenheimer raised their price objective on shares of Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 7th. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Finally, Benchmark upped their target price on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $8.89.

Porch Group Price Performance

The company has a market capitalization of $1.34 billion, a P/E ratio of -15.79 and a beta of 2.63. The company's 50-day moving average price is $7.70 and its two-hundred day moving average price is $6.10.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $79.44 million. On average, analysts anticipate 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, COO Matthew Neagle sold 60,000 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $10.53, for a total transaction of $631,800.00. Following the completion of the transaction, the chief operating officer now owns 1,138,080 shares in the company, valued at $11,983,982.40. This trade represents a 5.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Shawn Tabak sold 10,000 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total transaction of $53,400.00. Following the transaction, the chief financial officer now owns 218,580 shares of the company's stock, valued at $1,167,217.20. This represents a 4.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 467,328 shares of company stock valued at $4,404,523. Company insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Granahan Investment Management LLC grew its stake 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 valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. raised its holdings in Porch Group by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock worth $42,457,000 after purchasing an additional 312,370 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Porch Group by 84.6% in the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock worth $23,389,000 after acquiring an additional 1,470,580 shares in the last quarter. Invesco Ltd. grew its stake in shares of Porch Group by 72.2% in the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after buying an additional 1,213,951 shares during the last quarter. Finally, Portolan Capital Management LLC increased its stake in Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock valued at $11,314,000 after purchasing an additional 1,900,416 shares in the last quarter. Institutional investors own 48.48% of the company's stock.

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.