Porch Group, Inc. (NASDAQ:PRCH) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Porch Group, Inc. (NASDAQ:PRCH) have received a consensus rating of “Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $7.32.

A number of equities analysts have issued reports on PRCH shares. Keefe, Bruyette & Woods increased their target price on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Stephens increased their price objective on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Loop Capital upgraded Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research note on Wednesday, February 26th. Oppenheimer raised their price target on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 26th. Finally, Benchmark boosted 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.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the company’s 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 sale, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This 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 Porch Group stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares of the company’s stock, valued at $8,636,515.68. The trade was a 4.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,554 shares of company stock valued at $1,273,590. 23.46% of the stock is owned by insiders.

Institutional Investors Weigh In On Porch Group

Large investors have recently added to or reduced their stakes in the business. Portolan Capital Management LLC raised its position in shares of 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 purchasing an additional 1,900,416 shares during the period. Granahan Investment Management LLC grew its stake in Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after buying an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC bought a new position in Porch Group in the 4th quarter valued at about $8,550,000. Invesco Ltd. lifted its position in Porch Group by 4,365.6% during the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after acquiring an additional 1,644,614 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock worth $27,117,000 after acquiring an additional 1,100,224 shares during the period. Institutional investors own 48.48% of the company’s stock.

Porch Group Stock Up 4.3 %

Porch Group stock opened at $5.29 on Monday. Porch Group has a twelve month low of $1.05 and a twelve month high of $8.49. The company has a 50 day moving average of $5.95 and a 200-day moving average of $4.48. The stock has a market capitalization of $635.14 million, a PE ratio of -7.56 and a beta of 2.15.

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.