Porch Group (NASDAQ:PRCH) Reaches New 12-Month High – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $7.64 and last traded at $7.74, with a volume of 933397 shares changing hands. The stock had previously closed at $6.86.

Analyst Upgrades and Downgrades

Several research firms have commented on PRCH. Stephens upped their target price on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday. Keefe, Bruyette & Woods increased their price objective on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Benchmark lifted their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Oppenheimer boosted their price target on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Finally, Craig Hallum raised their price target on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.03.

Porch Group Stock Performance

The company’s 50 day moving average price is $5.25 and its 200-day moving average price is $3.84. The company has a market cap of $909.36 million, a price-to-earnings ratio of -10.81 and a beta of 2.04.

Insider Buying and Selling

In related news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now owns 1,384,057 shares in the company, valued at $8,636,515.68. This trade represents a 4.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the transaction, the chief financial officer now directly owns 179,613 shares in the company, valued at $1,086,658.65. This represents a 37.60 % decrease in their position. The disclosure for this sale can be found here. 23.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in shares of Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after acquiring an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Porch Group in the fourth quarter worth $35,000. Rik Saylor Financial Inc. purchased a new position in shares of Porch Group during the fourth quarter valued at $49,000. Raymond James Financial Inc. acquired a new position in Porch Group during the fourth quarter valued at $50,000. Finally, GAMMA Investing LLC purchased a new stake in Porch Group in the 4th quarter worth about $50,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.