Porch Group (NASDAQ:PRCH) Trading 6.4% Higher on Analyst Upgrade

Shares of Porch Group, Inc. (NASDAQ:PRCH) traded up 6.4% on Tuesday after Oppenheimer raised their price target on the stock from $4.00 to $7.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $5.67 and last traded at $5.48. 847,037 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 1,585,164 shares. The stock had previously closed at $5.15.

Other research analysts have also recently issued reports about the company. Stephens increased their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Benchmark restated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday. Loop Capital restated a “hold” rating and issued a $6.00 price target on shares of Porch Group in a research report on Monday. Finally, Cantor Fitzgerald upgraded Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Porch Group has an average rating of “Moderate Buy” and an average price target of $5.34.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at approximately $556,596. This represents a 5.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. raised its stake in Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after buying an additional 2,457,915 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Porch Group by 53.8% during the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after buying an additional 763,800 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Porch Group by 223.4% during the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after purchasing an additional 1,058,653 shares during the last quarter. Citizens Financial Group Inc. RI lifted its stake in Porch Group by 128.6% in the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after purchasing an additional 225,000 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after purchasing an additional 1,282,500 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Up 6.4 %

The stock has a market cap of $655.10 million, a PE ratio of -7.36 and a beta of 2.14. The firm has a 50 day moving average price of $2.61 and a 200 day moving average price of $1.98.

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.