Porch Group (NASDAQ:PRCH) Trading Down 14.3% – Time to Sell?

Porch Group, Inc. (NASDAQ:PRCH) was down 14.3% during trading on Tuesday . The company traded as low as $6.05 and last traded at $5.93. Approximately 700,602 shares were traded during trading, a decline of 68% from the average daily volume of 2,158,802 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

PRCH has been the topic of a number of research analyst reports. Stephens boosted their price objective 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. Oppenheimer upped their price objective on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Wednesday, February 26th. Benchmark raised their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods lifted their target price on shares of Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday. Finally, Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Porch Group presently has an average rating of “Buy” and an average price target of $6.41.

Porch Group Price Performance

The company has a market capitalization of $805.13 million, a P/E ratio of -9.59 and a beta of 2.03. The business’s 50-day moving average price is $4.89 and its two-hundred day moving average price is $3.32.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 23.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in PRCH. Zacks Investment Management purchased a new stake in shares of Porch Group in the third quarter valued at about $32,000. Nisa Investment Advisors LLC grew its stake in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after buying an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp bought a new position in shares of Porch Group during the 4th quarter valued at about $35,000. Caprock Group LLC bought a new position in shares of Porch Group during the third quarter valued at about $37,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Porch Group in the third quarter worth approximately $46,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.