Porch Group (NASDAQ:PRCH) Sees Large Volume Increase – Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares saw unusually-high trading volume on Wednesday . Approximately 1,120,271 shares traded hands during mid-day trading, a decline of 28% from the previous session’s volume of 1,561,997 shares.The stock last traded at $5.55 and had previously closed at $5.61.

Wall Street Analysts Forecast Growth

PRCH has been the subject of a number of analyst reports. Stephens boosted their price objective 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. Keefe, Bruyette & Woods reduced their price objective on shares of Porch Group from $3.75 to $1.50 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Cantor Fitzgerald upgraded shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, August 13th. Oppenheimer cut their target price on shares of Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Northland Securities cut their target price on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Porch Group has a consensus rating of “Buy” and a consensus target price of $4.18.

Porch Group Trading Down 5.9 %

The business’s fifty day simple moving average is $2.32 and its 200 day simple moving average is $1.90. The stock has a market cap of $631.17 million, a P/E ratio of -7.76 and a beta of 2.14.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now owns 278,298 shares of the company’s stock, valued at approximately $556,596. This trade 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 hyperlink. Insiders own 23.46% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PRCH. Zacks Investment Management bought a new position in shares of Porch Group in the 3rd quarter valued at about $32,000. Mackenzie Financial Corp raised its position in shares of Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after acquiring an additional 12,097 shares during the period. Caprock Group LLC acquired a new stake in shares of Porch Group in the 3rd quarter valued at approximately $37,000. SG Americas Securities LLC acquired a new stake in shares of Porch Group in the 3rd quarter valued at approximately $42,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Porch Group in the 3rd quarter valued at approximately $46,000. 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.