Porch Group (NASDAQ:PRCH) Given New $10.00 Price Target at Stephens

Porch Group (NASDAQ:PRCH) had its price objective increased by equities research analysts at Stephens from $8.00 to $10.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Stephens’ price objective would suggest a potential upside of 50.76% from the company’s current price.

Several other brokerages have also weighed in on PRCH. Oppenheimer increased their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. Benchmark increased their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research report on Wednesday, February 26th. Craig Hallum raised their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group has an average rating of “Buy” and a consensus price target of $7.03.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $6.63 on Friday. The company’s 50 day simple moving average is $5.16 and its 200 day simple moving average is $3.73. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $7.30. The firm has a market capitalization of $796.38 million, a P/E ratio of -9.36 and a beta of 2.04.

Insider Transactions at Porch Group

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

Institutional Trading of Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Jefferies Financial Group Inc. acquired a new stake in Porch Group in the 4th quarter worth about $4,135,000. Squarepoint Ops LLC bought a new position in Porch Group in the 4th quarter valued at about $57,000. Two Sigma Advisers LP increased its holdings in Porch Group by 44.1% in the 4th quarter. Two Sigma Advisers LP now owns 123,600 shares of the company’s stock valued at $608,000 after buying an additional 37,800 shares during the period. Two Sigma Investments LP increased its holdings in Porch Group by 1,564.1% in the 4th quarter. Two Sigma Investments LP now owns 197,127 shares of the company’s stock valued at $970,000 after buying an additional 185,281 shares during the period. Finally, ProShare Advisors LLC increased its holdings in Porch Group by 51.0% in the 4th quarter. ProShare Advisors LLC now owns 22,238 shares of the company’s stock valued at $109,000 after buying an additional 7,506 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.