Porch Group (NASDAQ:PRCH) Trading 6.1% Higher - Here's What Happened

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) were up 6.1% on Tuesday . The stock traded as high as $5.51 and last traded at $5.65. Approximately 73,743 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,810,438 shares. The stock had previously closed at $5.32.

Analyst Ratings Changes

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

Porch Group Price Performance

The stock has a market cap of $635.14 million, a PE ratio of -7.56 and a beta of 2.15. The company has a 50 day moving average price of $5.95 and a two-hundred day moving average price of $4.50.

Insider Buying and Selling at Porch Group

In related news, COO Matthew Neagle sold 27,328 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the transaction, the chief operating officer now owns 1,356,729 shares in the company, valued at $9,483,535.71. This represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the sale, the chief financial officer now directly owns 179,613 shares of the company's stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 205,554 shares of company stock worth $1,273,590. Company insiders own 23.46% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new position in shares of Porch Group in the first quarter worth approximately $29,000. Nisa Investment Advisors LLC raised its holdings in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock worth $33,000 after purchasing an additional 6,527 shares during the period. Jones Financial Companies Lllp purchased a new position in Porch Group during the fourth quarter valued at $35,000. Rik Saylor Financial Inc. purchased a new position in Porch Group during the fourth quarter valued at $49,000. Finally, Raymond James Financial Inc. bought a new stake in Porch Group during the fourth quarter valued at about $50,000. 48.48% of the stock is 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.