Shares of software platform Porch Group (NASDAQ: PRCH) jumped more than 23% after the company’s CEO announced plans to purchase up to $5 million worth of shares.
Currently, Matt Ehrlichman has a $27 million ownership in the company, qualifying him as an over 10% owner. His most recent purchase was for 256,949 shares at $1.59 per share, equating to a total value of $408,390.
Interestingly, Matt Ehrlichman isn’t the only insider that has been buying. Indeed, insiders purchased more than $1.1 million worth of PRCH shares in the past three months. As a result, TipRanks’ insider confidence signal is currently very positive.
Is PRCH a Good Stock to Buy?
PRCH stock has a Strong Buy consensus rating based on three Buys and one Hold assigned in the past three months. The average PRCH stock price target of $5 implies over 174% upside potential.
