Porch Group (NASDAQ:PRCH) Shares Gap Up – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped up prior to trading on Tuesday . The stock had previously closed at $4.96, but opened at $5.23. Porch Group shares last traded at $5.51, with a volume of 553,622 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Benchmark reaffirmed a “buy” rating and set a $7.00 target price on shares of Porch Group in a report on Tuesday, October 29th. Loop Capital reiterated a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a research note on Monday, December 9th. Craig Hallum increased their price target on Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Oppenheimer upped their price objective on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Finally, Stephens boosted their target price on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Stock Up 11.5 %

The company has a market capitalization of $661.08 million, a price-to-earnings ratio of -7.90 and a beta of 2.14. The stock’s 50-day simple moving average is $3.36 and its two-hundred day simple moving average is $2.19.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the sale, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 23.46% of the stock is currently owned by insiders.

Institutional Trading of Porch Group

A number of hedge funds have recently bought and sold shares of PRCH. Susquehanna Fundamental Investments LLC grew its holdings in Porch Group by 34.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock valued at $57,000 after buying an additional 9,626 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of 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 buying an additional 12,097 shares during the period. AE Wealth Management LLC increased its holdings in shares of Porch Group by 7.5% during the 2nd quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock worth $365,000 after buying an additional 16,793 shares during the last quarter. Zacks Investment Management purchased a new stake in shares of Porch Group during the 3rd quarter valued at approximately $32,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Porch Group by 9.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company’s stock valued at $363,000 after acquiring an additional 21,171 shares during the last quarter. 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.