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

Porch Group, Inc. (NASDAQ:PRCH) was down 9.1% on Tuesday . The company 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 daily volume of 1,597,670 shares. The stock had previously closed at $5.82.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRCH. Benchmark reissued a “buy” rating and set a $7.00 price target on shares of Porch Group in a research report on Tuesday, October 29th. Stephens boosted their target price on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Craig Hallum increased their price target on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Loop Capital reissued a “hold” rating and set a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Finally, Oppenheimer increased their price objective on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and a consensus target price of $5.34.

Porch Group Trading Down 7.2 %

The stock has a market capitalization of $645.52 million, a P/E ratio of -7.53 and a beta of 2.14. The business has a fifty day simple moving average of $3.00 and a 200 day simple moving average of $2.09.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC lifted its stake in Porch Group by 34.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock worth $57,000 after purchasing an additional 9,626 shares in the last quarter. Mackenzie Financial Corp grew its position 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 acquiring an additional 12,097 shares during the last quarter. AE Wealth Management LLC grew its position in Porch Group by 7.5% during the 2nd quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock worth $365,000 after acquiring an additional 16,793 shares during the last quarter. Zacks Investment Management bought a new stake in Porch Group in the third quarter valued at approximately $32,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Porch Group by 9.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company’s stock valued at $363,000 after purchasing an additional 21,171 shares during the period. Institutional investors 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.