Porch Group (NASDAQ:PRCH) Stock Price Down 7.3% – What’s Next?

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

Analyst Upgrades and Downgrades

Several brokerages have commented on PRCH. Craig Hallum lifted their price objective 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. Benchmark reiterated a “buy” rating and issued a $7.00 price objective on shares of Porch Group in a research note on Tuesday, October 29th. Stephens raised their target price on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research report on Monday, November 11th. Loop Capital reaffirmed a “hold” rating and set a $6.00 price target on shares of Porch Group in a research report on Monday, December 9th. Finally, Oppenheimer lifted their price objective on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Two equities research 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, Porch Group currently has a consensus rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Price Performance

The stock has a market capitalization of $650.32 million, a P/E ratio of -7.77 and a beta of 2.14. The stock has a fifty day moving average price of $3.69 and a 200 day moving average price of $2.30.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the completion of the transaction, the chief financial officer now owns 278,298 shares of the company’s stock, valued at approximately $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 23.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. increased its holdings in shares of Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after purchasing an additional 2,457,915 shares during the period. Acadian Asset Management LLC grew its position in Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after buying an additional 1,282,500 shares in the last quarter. GSA Capital Partners LLP increased its stake in Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after acquiring an additional 1,058,653 shares during the last quarter. Renaissance Technologies LLC raised its holdings 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 acquiring an additional 763,800 shares in the last quarter. Finally, Portolan Capital Management LLC bought a new stake in shares of Porch Group during the 3rd quarter valued at about $613,000. 48.48% of the stock is owned by institutional investors.

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.