Porch Group (NASDAQ:PRCH) Trading Down 7.4% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s share price was down 7.4% during mid-day trading on Tuesday . The stock traded as low as $4.82 and last traded at $4.85. Approximately 348,612 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 1,159,578 shares. The stock had previously closed at $5.24.

Analyst Ratings Changes

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

Porch Group Trading Down 4.4 %

The company has a market capitalization of $598.92 million, a P/E ratio of -7.16 and a beta of 2.05. The company’s 50 day moving average is $4.13 and its 200-day moving average is $2.45.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. increased its position in shares of Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after acquiring an additional 2,457,915 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Porch Group by 444.5% in the second 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 during the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after purchasing an additional 1,058,653 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Porch Group by 53.8% during the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after buying an additional 763,800 shares during the last quarter. Finally, Portolan Capital Management LLC bought a new stake in Porch Group in the 3rd quarter worth about $613,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.