Porch Group (NASDAQ:PRCH) Stock Price Down 9.1% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH)’s share price fell 9.1% during mid-day trading on Tuesday . The stock traded as low as $5.13 and last traded at $5.29. 875,360 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,597,670 shares. The stock had previously closed at $5.82.

Wall Street Analyst Weigh In

PRCH has been the topic of a number of research analyst reports. Craig Hallum upped their target price on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Benchmark restated a “buy” rating and set a $7.00 price objective on shares of Porch Group in a report on Tuesday, October 29th. Loop Capital reiterated a “hold” rating and issued a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Oppenheimer increased their price target on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Finally, Stephens upped 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. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Trading Up 3.9 %

The stock has a market capitalization of $603.70 million, a price-to-earnings ratio of -7.21 and a beta of 2.14. The stock has a 50-day moving average price of $3.15 and a 200 day moving average price of $2.13.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 15,000 shares of Porch Group 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 sale, the chief financial officer now owns 278,298 shares in the company, valued at $556,596. This trade represents a 5.11 % decrease in their ownership of the stock. 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 owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently made changes to their positions in PRCH. Zacks Investment Management purchased a new stake in shares of Porch Group during the third quarter worth approximately $32,000. Mackenzie Financial Corp boosted its stake in Porch Group by 102.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after purchasing an additional 12,097 shares during the last quarter. Caprock Group LLC acquired a new stake in shares of Porch Group in the third quarter valued at about $37,000. SG Americas Securities LLC acquired a new stake in shares of Porch Group in the third quarter valued at about $42,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Porch Group in the third quarter worth about $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.