Porch Group (NASDAQ:PRCH) Reaches New 1-Year High After Analyst Upgrade

Porch Group, Inc. (NASDAQ:PRCH) shares reached a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $4.00 to $7.00. Oppenheimer currently has an outperform rating on the stock. Porch Group traded as high as $5.70 and last traded at $5.23, with a volume of 820882 shares trading hands. The stock had previously closed at $5.51.

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

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the sale, the chief financial officer now owns 278,298 shares in the company, valued at approximately $556,596. The trade was a 5.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 23.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Porch Group by 19.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock valued at $746,000 after acquiring an additional 78,892 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in Porch Group in the second quarter valued at about $220,000. Rhumbline Advisers acquired a new position in Porch Group in the 2nd quarter worth about $99,000. Acadian Asset Management LLC raised its stake in shares of Porch Group by 444.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after purchasing an additional 1,282,500 shares in the last quarter. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of Porch Group during the 2nd quarter valued at about $264,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Trading Down 2.5 %

The company has a fifty day moving average price of $2.53 and a 200-day moving average price of $1.96. The firm has a market capitalization of $641.93 million, a price-to-earnings ratio of -7.87 and a beta of 2.13.

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.