Porch Group (NASDAQ:PRCH) Trading 6.1% Higher – Should You Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares rose 6.1% on Tuesday . The stock traded as high as $5.51 and last traded at $5.65. Approximately 73,743 shares changed hands during trading, a decline of 96% from the average daily volume of 1,810,438 shares. The stock had previously closed at $5.32.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Oppenheimer raised their price target on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods raised their target price on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Benchmark upped their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Finally, Stephens lifted their price target on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, March 21st. One investment 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 stock. According to data from MarketBeat, Porch Group currently has an average rating of “Buy” and an average target price of $7.32.

Porch Group Price Performance

The stock’s 50 day simple moving average is $5.92 and its 200-day simple moving average is $4.42. The stock has a market capitalization of $608.72 million, a price-to-earnings ratio of -7.24 and a beta of 2.15.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, the chief financial officer now owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Matthew Neagle sold 60,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were 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 directly 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 disclosure for this sale can be found here. Insiders sold 195,554 shares of company stock valued at $1,220,190 over the last quarter. Insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in shares of Porch Group by 23.7% during the 1st quarter. GAMMA Investing LLC now owns 12,522 shares of the company’s stock worth $91,000 after purchasing an additional 2,397 shares in the last quarter. Rhumbline Advisers grew its position in shares of Porch Group by 28.7% during the 1st quarter. Rhumbline Advisers now owns 99,436 shares of the company’s stock worth $725,000 after buying an additional 22,159 shares during the period. Moody National Bank Trust Division raised its position in shares of Porch Group by 24.2% during the 1st quarter. Moody National Bank Trust Division now owns 548,902 shares of the company’s stock valued at $4,001,000 after acquiring an additional 107,102 shares during the last quarter. Jefferies Financial Group Inc. acquired a new position in Porch Group in the fourth quarter valued at about $4,135,000. Finally, Squarepoint Ops LLC bought a new position in Porch Group during the 4th quarter worth approximately $57,000. 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.