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

Porch Group, Inc. (NASDAQ:PRCH) traded down 7.3% 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 equities analysts recently issued reports on the stock. 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 report on Monday, November 11th. Craig Hallum boosted their price objective on Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Benchmark reaffirmed a “buy” rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Loop Capital reissued a “hold” rating and issued a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Finally, Oppenheimer increased their price target on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $5.34.

Porch Group Stock Down 6.0 %

The stock has a market cap of $650.32 million, a price-to-earnings ratio of -7.77 and a beta of 2.14. The stock has a 50 day simple moving average of $3.69 and a 200 day simple moving average of $2.30.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 23.46% of the stock is owned by company insiders.

Hedge Funds Weigh In On Porch Group

A number of hedge funds have recently added to or reduced their stakes in PRCH. Susquehanna Fundamental Investments LLC lifted its holdings in shares of Porch Group by 34.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock valued at $57,000 after purchasing an additional 9,626 shares in the last quarter. Mackenzie Financial Corp raised its position in Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after buying an additional 12,097 shares during the last quarter. AE Wealth Management LLC lifted its stake in Porch Group by 7.5% during the 2nd quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock valued at $365,000 after acquiring an additional 16,793 shares in the last quarter. Zacks Investment Management purchased a new position in Porch Group during the 3rd quarter worth $32,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Porch Group by 9.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company’s stock worth $363,000 after acquiring an additional 21,171 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company’s stock.

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.