Porch Group (NASDAQ:PRCH) Trading Down 7.3% – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) dropped 7.3% during trading on Friday . The stock traded as low as $5.30 and last traded at $5.37. Approximately 424,111 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,611,130 shares. The stock had previously closed at $5.79.

Wall Street Analyst Weigh In

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

Porch Group Price Performance

The company has a fifty day moving average price of $3.61 and a 200 day moving average price of $2.27. The company has a market capitalization of $639.56 million, a P/E ratio of -7.64 and a beta of 2.14.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the sale, the chief financial officer now owns 278,298 shares in the company, valued at $556,596. This represents a 5.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 23.46% of the stock is currently owned by company insiders.

Institutional Trading of Porch Group

Large investors have recently made changes to their positions in the business. Franklin Resources Inc. acquired a new stake in Porch Group during the 3rd quarter worth $238,000. Barclays PLC increased its holdings in shares of Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock valued at $207,000 after purchasing an additional 108,748 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Porch Group by 8.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock worth $3,052,000 after purchasing an additional 163,133 shares during the last quarter. Zacks Investment Management bought a new position in shares of Porch Group during the third quarter worth approximately $32,000. Finally, State Street Corp grew its holdings in shares of Porch Group by 7.4% during the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock worth $2,560,000 after purchasing an additional 115,176 shares in the last quarter. 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.