Porch Group (NASDAQ:PRCH) Trading Down 16.3% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s share price dropped 16.3% on Friday . The stock traded as low as $5.58 and last traded at $5.40. Approximately 553,882 shares changed hands during trading, a decline of 69% from the average daily volume of 1,779,139 shares. The stock had previously closed at $6.45.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PRCH shares. Oppenheimer raised their price objective on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods increased their price objective on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research note on Monday, March 3rd. Benchmark boosted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, Stephens increased their target price on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $7.32.

Porch Group Stock Performance

The stock has a market cap of $677.16 million, a PE ratio of -8.06 and a beta of 2.15. The firm has a fifty day moving average price of $5.71 and a 200 day moving average price of $4.19.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 108,226 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,384,057 shares in the company, valued at approximately $8,636,515.68. The trade was a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 195,554 shares of company stock valued at $1,220,190. 23.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

Large investors have recently added to or reduced their stakes in the company. Zacks Investment Management purchased a new stake in Porch Group in the third quarter valued at approximately $32,000. Nisa Investment Advisors LLC boosted its holdings in shares of Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after acquiring an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Porch Group in the fourth quarter worth $35,000. Rik Saylor Financial Inc. purchased a new position in shares of Porch Group during the fourth quarter worth $49,000. Finally, GAMMA Investing LLC acquired a new position in Porch Group during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Company Profile

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.