Porch Group (NASDAQ:PRCH) Raised to Buy at Loop Capital

Porch Group (NASDAQ:PRCH) was upgraded by equities researchers at Loop Capital from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Marketbeat reports. The firm currently has a $6.00 target price on the stock. Loop Capital’s price objective would suggest a potential downside of 10.45% from the company’s current price.

A number of other equities research analysts have also weighed in on the company. Oppenheimer boosted their price target on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Stephens boosted their target price on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Craig Hallum upped their price target on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Benchmark reiterated a “buy” rating and set a $7.00 price objective on shares of Porch Group in a research note on Tuesday, October 29th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $5.84.

Porch Group Price Performance

Porch Group stock opened at $6.70 on Wednesday. The business has a fifty day moving average price of $4.82 and a 200-day moving average price of $3.21. Porch Group has a 1-year low of $1.05 and a 1-year high of $7.19. The stock has a market capitalization of $800.94 million, a price-to-earnings ratio of -9.57 and a beta of 2.03.

Insider Activity

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

Institutional Investors Weigh In On Porch Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. grew its holdings 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 worth $5,794,000 after acquiring an additional 2,457,915 shares during the period. Portolan Capital Management LLC lifted its holdings in Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock valued at $11,314,000 after acquiring an additional 1,900,416 shares during the period. Granahan Investment Management LLC grew its stake in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock worth $58,507,000 after purchasing an additional 1,897,816 shares during the period. Driehaus Capital Management LLC purchased a new position in shares of Porch Group during the 4th quarter valued at approximately $8,550,000. Finally, Invesco Ltd. lifted its stake in shares of Porch Group by 4,365.6% in the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock valued at $8,277,000 after purchasing an additional 1,644,614 shares during the period. 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.