Porch Group (NASDAQ:PRCH) Shares Down 7.4% – What’s Next?

Shares of Porch Group, Inc. (NASDAQ:PRCH) dropped 7.4% on Tuesday . The stock traded as low as $4.82 and last traded at $4.85. Approximately 348,612 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,159,578 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PRCH shares. Benchmark restated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Loop Capital reissued a “hold” rating and set a $6.00 price objective on shares of Porch Group in a report on Monday, December 9th. Stephens upped their target price on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Craig Hallum increased 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, Oppenheimer boosted their price target on shares of Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Trading Down 7.7 %

The stock has a market cap of $559.47 million, a P/E ratio of -6.69 and a beta of 2.05. The business’s fifty day simple moving average is $4.23 and its 200 day simple moving average is $2.49.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. This represents a 7.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 23.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of PRCH. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after acquiring an additional 2,457,915 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Porch Group by 53.8% in the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after purchasing an additional 763,800 shares during the period. Marshall Wace LLP boosted its position in shares of Porch Group by 11.8% in the 2nd quarter. Marshall Wace LLP now owns 2,152,174 shares of the company’s stock worth $3,250,000 after purchasing an additional 226,721 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Porch Group by 8.9% during the third 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 period. Finally, State Street Corp increased its holdings in Porch Group by 7.4% in the third quarter. State Street Corp now owns 1,667,493 shares of the company’s stock valued at $2,560,000 after purchasing an additional 115,176 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

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.