Porch Group (NASDAQ:PRCH) Shares Down 14.3% – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) dropped 14.3% during trading on Tuesday . The company traded as low as $6.05 and last traded at $5.93. Approximately 700,602 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 2,158,802 shares. The stock had previously closed at $6.92.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Benchmark boosted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods upped their target price on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research report on Monday. Stephens boosted their target price on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Wednesday, February 26th. Finally, Oppenheimer boosted their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $6.41.

Porch Group Stock Performance

The firm has a market capitalization of $805.13 million, a price-to-earnings ratio of -9.59 and a beta of 2.03. The firm’s 50 day simple moving average is $4.89 and its 200 day simple moving average is $3.32.

Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 21,774 shares of the business’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 of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 23.46% of the stock is currently owned by company insiders.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PRCH. Zacks Investment Management purchased a new stake in shares of Porch Group in the third quarter valued at about $32,000. Nisa Investment Advisors LLC boosted its stake in shares of Porch Group by 5,776.1% during the fourth 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 position in Porch Group in the 4th quarter valued at $35,000. Caprock Group LLC purchased a new stake in Porch Group in the 3rd quarter valued at about $37,000. Finally, Los Angeles Capital Management LLC purchased a new position in Porch Group during the third quarter worth approximately $46,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.