Porch Group (NASDAQ:PRCH) Stock Price Up 12.1% – Here’s What Happened

Porch Group, Inc. (NASDAQ:PRCHGet Free Report)’s stock price rose 12.1% during trading on Friday . The company traded as high as $10.33 and last traded at $10.46. Approximately 539,060 shares traded hands during trading, a decline of 75% from the average daily volume of 2,120,734 shares. The stock had previously closed at $9.33.

Analyst Ratings Changes

PRCH has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $6.00 to $7.00 and gave the company a “market perform” rating in a report on Wednesday, May 7th. Loop Capital reiterated a “buy” rating and set a $13.00 price target (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Benchmark raised their target price on shares of Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Oppenheimer raised their target price on shares of Porch Group from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Wednesday, May 7th. Finally, Stephens raised their target price on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $8.89.

View Our Latest Report on Porch Group

Porch Group Stock Up 16.4%

The company has a market cap of $1.32 billion, a PE ratio of -15.51 and a beta of 2.63. The company’s fifty day moving average is $7.70 and its 200-day moving average is $6.08.

Porch Group (NASDAQ:PRCHGet Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to the consensus estimate of $79.44 million. Equities research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total value of $596,400.00. Following the transaction, the chief operating officer now directly owns 1,078,080 shares in the company, valued at approximately $10,716,115.20. This trade represents a 5.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shawn Tabak sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the transaction, the chief financial officer now owns 218,580 shares in the company, valued at $1,167,217.20. The trade was a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 467,328 shares of company stock worth $4,404,523. Company insiders own 23.32% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Granahan Investment Management LLC raised its position in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company’s stock valued at $58,507,000 after purchasing an additional 1,897,816 shares during the period. Vanguard Group Inc. raised its position in shares of Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock valued at $42,457,000 after purchasing an additional 312,370 shares during the period. Driehaus Capital Management LLC raised its position in shares of Porch Group by 84.6% during the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company’s stock valued at $23,389,000 after purchasing an additional 1,470,580 shares during the period. Invesco Ltd. raised its position in shares of Porch Group by 72.2% during the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company’s stock valued at $21,114,000 after purchasing an additional 1,213,951 shares during the period. Finally, Portolan Capital Management LLC raised its position in shares of Porch Group by 476.0% during the 4th 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. 48.48% of the stock is currently owned by institutional investors.

About Porch Group

(Get Free Report)

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.

Featured Stories

Receive News & Ratings for Porch Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Porch Group and related companies with MarketBeat.com's FREE daily email newsletter.