Oppenheimer Boosts Porch Group (NASDAQ:PRCH) Price Target to $7.00

Porch Group (NASDAQ:PRCH) had its price target hoisted by analysts at Oppenheimer from $4.00 to $7.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 27.04% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. Loop Capital reaffirmed a “hold” rating and issued a $6.00 price target on shares of Porch Group in a report on Monday. Craig Hallum upped their target price on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday. Stephens raised their price objective on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Cantor Fitzgerald upgraded shares of Porch Group to a “strong-buy” rating in a research report on Tuesday, August 13th. Finally, Benchmark reissued a “buy” rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $5.34.

Porch Group Stock Performance

Shares of NASDAQ:PRCH opened at $5.51 on Monday. The firm has a fifty day moving average price of $2.53 and a 200 day moving average price of $1.96. Porch Group has a fifty-two week low of $1.05 and a fifty-two week high of $5.70. The firm has a market cap of $658.67 million, a price-to-earnings ratio of -7.87 and a beta of 2.13.

Insider Transactions at Porch Group

In other news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now directly owns 278,298 shares in the company, valued at approximately $556,596. This represents a 5.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management purchased a new position in shares of Porch Group during the third quarter worth about $32,000. Caprock Group LLC acquired a new stake in shares of Porch Group during the third quarter worth about $37,000. Mackenzie Financial Corp increased its position in Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after acquiring an additional 12,097 shares during the period. SG Americas Securities LLC acquired a new position in shares of Porch Group in the third quarter valued at approximately $42,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Porch Group during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.