Porch Group (NASDAQ:PRCH) Trading 8.1% Higher – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares rose 8.1% on Friday . The stock traded as high as $4.96 and last traded at $4.94. Approximately 1,230,254 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 1,604,516 shares. The stock had previously closed at $4.57.

Analysts Set New Price Targets

A number of research firms recently issued reports on PRCH. Benchmark reaffirmed a “buy” rating and set a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and issued a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Oppenheimer boosted their price objective on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Craig Hallum raised their price objective on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Stephens boosted their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Porch Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Trading Up 11.4 %

The stock has a 50 day moving average of $3.29 and a 200-day moving average of $2.17. The stock has a market capitalization of $608.48 million, a P/E ratio of -7.27 and a beta of 2.14.

Insider Activity

In other news, CFO Shawn Tabak sold 15,000 shares of Porch Group stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the sale, the chief financial officer now owns 278,298 shares of the company’s stock, valued at approximately $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

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

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.