Porch Group (NASDAQ:PRCH) Stock Rating Upgraded by Loop Capital

Porch Group (NASDAQ:PRCH) was upgraded by analysts at Loop Capital from a “hold” rating to a “buy” rating in a report issued on Wednesday,Briefing.com Automated Import reports. The brokerage currently has a $6.00 price target on the stock. Loop Capital’s price objective indicates a potential upside of 58.31% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Stephens increased their price target on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Benchmark reaffirmed a “buy” rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Craig Hallum lifted their price target on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Oppenheimer raised their price objective on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $5.34.

Porch Group Price Performance

NASDAQ PRCH opened at $3.79 on Wednesday. The company has a market capitalization of $453.07 million, a PE ratio of -5.41 and a beta of 2.03. The company has a fifty day moving average of $4.74 and a 200 day moving average of $3.16. Porch Group has a 1 year low of $1.05 and a 1 year high of $6.03.

Insider Activity

In related news, CFO Shawn Tabak sold 21,774 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. This represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. raised its position in shares of Porch Group by 186.6% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares in the last quarter. Portolan Capital Management LLC grew 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 worth $11,314,000 after buying an additional 1,900,416 shares during the last quarter. Granahan Investment Management LLC increased its holdings 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 valued at $58,507,000 after acquiring an additional 1,897,816 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of Porch Group during the fourth quarter worth about $8,550,000. Finally, Invesco Ltd. grew its holdings in shares of Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after buying an additional 1,644,614 shares during the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

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.