Porch Group (NASDAQ:PRCH) Trading Up 6.7% – Here’s Why

Porch Group, Inc. (NASDAQ:PRCH)’s stock price traded up 6.7% during mid-day trading on Monday . The stock traded as high as $4.63 and last traded at $4.75. 331,474 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 1,089,829 shares. The stock had previously closed at $4.45.

Wall Street Analyst Weigh In

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

Porch Group Price Performance

The firm has a market cap of $541.52 million, a PE ratio of -6.47 and a beta of 2.03. The business’s fifty day moving average is $4.82 and its 200-day moving average is $2.86.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The firm had revenue of $111.20 million for the quarter. During the same period last year, the company earned ($0.12) earnings per share. Analysts forecast that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares in the company, valued at approximately $1,727,034. This represents a 7.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 23.46% of the stock is owned by insiders.

Institutional Trading of Porch Group

A number of large investors have recently made changes to their positions in PRCH. Harbor Capital Advisors Inc. increased its stake in 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. Franklin Resources Inc. purchased a new position in shares of Porch Group in the 3rd quarter worth approximately $238,000. GSA Capital Partners LLP grew its position in shares of Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after buying an additional 1,058,653 shares during the last quarter. Barclays PLC boosted its stake in Porch Group by 415.5% in the 3rd quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after purchasing an additional 108,748 shares in the last quarter. Finally, Citizens Financial Group Inc. RI boosted its stake in Porch Group by 128.6% in the 3rd 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 in the last quarter. 48.48% of the stock is currently owned by 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.