Porch Group (NASDAQ:PRCH) Shares Down 16.3% – Time to Sell?

Porch Group, Inc. (NASDAQ:PRCH) was down 16.3% during mid-day trading on Friday . The stock traded as low as $5.58 and last traded at $5.40. Approximately 553,882 shares were traded during trading, a decline of 69% from the average daily volume of 1,779,139 shares. The stock had previously closed at $6.45.

Analyst Ratings Changes

Several research firms have recently commented on PRCH. Stephens boosted their price target on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Benchmark increased their price target on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. 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. Oppenheimer lifted their price target 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. Finally, Keefe, Bruyette & Woods increased their price objective on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $7.32.

Porch Group Stock Performance

The company has a 50 day simple moving average of $5.68 and a two-hundred day simple moving average of $4.14. The firm has a market cap of $669.36 million, a PE ratio of -8.01 and a beta of 2.04.

Insider Activity at Porch Group

In other news, COO Matthew Neagle sold 27,328 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.99, for a total value of $191,022.72. Following the completion of the transaction, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at $9,483,535.71. The trade was a 1.97 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 195,554 shares of company stock worth $1,220,190 over the last quarter. Insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently bought and sold shares of the stock. Zacks Investment Management acquired a new position in shares of Porch Group in the 3rd quarter valued at $32,000. Nisa Investment Advisors LLC boosted its stake in shares of Porch Group by 5,776.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after acquiring an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp acquired a new stake in shares of Porch Group during the 4th quarter valued at about $35,000. Rik Saylor Financial Inc. purchased a new position in shares of Porch Group in the 4th quarter valued at about $49,000. Finally, GAMMA Investing LLC acquired a new position in Porch Group in the 4th quarter worth about $50,000. Hedge funds and other 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.