Porch Group Inc. [NASDAQ: PRCH] jumped around 1.88 points on Friday, while shares priced at $17.81 at the close of the session, up 11.80%. The company report on January 15, 2021 that Acquisition of Homeowners of America by Porch Group.
Homeowners of America Holding Corporation (HOA) and Porch Group, Inc. (NASDAQ: PRCH) (Porch) have executed definitive agreements for Porch to acquire HOA and all related subsidiaries. The transaction, which is pending only regulatory approval, is expected to close early in the second quarter of 2021.
Homeowners of America is a Managing General Agent (MGA) and insurance carrier hybrid with high margins and a capital efficient reinsurance strategy which limits retained risk. HOA primarily operates in six states, including Texas, Arizona, North Carolina, South Carolina, Virginia, and Georgia. HOA was founded in 2006 in Texas, a $10 billion homeowners insurance market, and was the 12th largest home insurer in Texas in 2019. HOA is licensed to operate in 31 states and HOA has a successful track record of expanding into new states. HOA is ultimately positioned to be a nationwide carrier.
Porch Group Inc. stock is now 24.81% up from its year-to-date (YTD) trading value. PRCH Stock saw the intraday high of $18.29 and lowest of $16.51 per share. The company’s 52-week high price is 17.31, which means current price is +42.25% above from all time high which was touched on 01/15/21.
Compared to the average trading volume of 502.62K shares, PRCH reached a trading volume of 3233643 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Porch Group Inc. [PRCH]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PRCH shares is $20.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PRCH stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
The Benchmark Company have made an estimate for Porch Group Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 29, 2020.
The Average True Range (ATR) for Porch Group Inc. is set at 1.16, with the Price to Sales ratio for PRCH stock in the period of the last 12 months amounting to 17.84. The Price to Book ratio for the last quarter was 2.32, with the Price to Cash per share for the same quarter was set at 0.01.
How has PRCH stock performed recently?
Porch Group Inc. [PRCH] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 36.06. With this latest performance, PRCH shares gained by 56.50% in over the last four-week period, additionally plugging by 64.30% over the last 6 months.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PRCH stock in for the last two-week period is set at 78.27, with the RSI for the last a single of trading hit 82.62, and the three-weeks RSI is set at 75.68 for Porch Group Inc. [PRCH]. The present Moving Average for the last 50 days of trading for this stock 12.10, while it was recorded at 15.02 for the last single week of trading, and 10.71 for the last 200 days.
Porch Group Inc. [PRCH]: Deeper insight into the fundamentals
Porch Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.40 and a Current Ratio set at 0.40.
Insider trade positions for Porch Group Inc. [PRCH]
There are presently around $302 million, or 26.00% of PRCH stock, in the hands of institutional investors. The top three institutional holders of PRCH stocks are: GRANAHAN INVESTMENT MANAGEMENT INC/MA with ownership of 2,911,332, which is approximately New of the company’s market cap and around 14.70% of the total institutional ownership; FALCON EDGE CAPITAL, LP, holding 1,648,433 shares of the stock with an approximate value of $29.36 million in PRCH stocks shares; and WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC, currently with $20.11 million in PRCH stock with ownership of nearly New of the company’s market capitalization.
33 institutional holders increased their position in Porch Group Inc. [NASDAQ:PRCH] by around 11,818,258 shares. Additionally, 29 investors decreased positions by around 8,313,949 shares, while 2 investors held positions by with 3,192,336 shares. The mentioned changes placed institutional holdings at 16,939,871 shares, according to the latest SEC report filing. PRCH stock had 30 new institutional investments in for a total of 10,777,716 shares, while 19 institutional investors sold positions of 4,481,757 shares during the same period.