Porch Group (NASDAQ:PRCH) Shares Gap Down – Should You Sell?

Porch Group, Inc. (NASDAQ:PRCH) gapped down prior to trading on Monday . The stock had previously closed at $6.60, but opened at $6.23. Porch Group shares last traded at $5.94, with a volume of 217,139 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PRCH. Oppenheimer lifted their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a research note on Wednesday, February 26th. Stephens lifted 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. Craig Hallum boosted their target price on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Benchmark raised their price target on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Porch Group currently has an average rating of “Buy” and an average target price of $6.41.

Porch Group Stock Performance

The company has a market capitalization of $706.51 million, a price-to-earnings ratio of -8.41 and a beta of 2.04. The business’s 50-day simple moving average is $4.98 and its 200-day simple moving average is $3.47.

Insider Buying and Selling

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

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently bought and sold shares of PRCH. Franklin Resources Inc. acquired a new stake in shares of Porch Group during the 3rd quarter worth about $238,000. Barclays PLC grew its stake in Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after buying an additional 108,748 shares in the last quarter. GSA Capital Partners LLP raised its position in shares of Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after buying an additional 1,058,653 shares in the last quarter. Citizens Financial Group Inc. RI lifted its stake in Porch Group by 128.6% during the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after purchasing an additional 225,000 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Porch Group by 8.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock valued at $3,052,000 after purchasing an additional 163,133 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

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.