Porch Group (NASDAQ:PRCH) Shares Down 9.1% – Should You Sell?

Porch Group, Inc. (NASDAQ:PRCH) shares dropped 9.1% during mid-day trading on Tuesday . The company traded as low as $5.13 and last traded at $5.29. Approximately 875,360 shares traded 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 have recently issued reports on PRCH. Oppenheimer raised their price target on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a report on Monday, December 9th. 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 restated a “buy” rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Stephens upped 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. Finally, Loop Capital reaffirmed a “hold” rating and issued a $6.00 target price on shares of Porch Group 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.34.

Porch Group Trading Up 3.9 %

The firm has a market capitalization of $603.70 million, a PE ratio of -7.21 and a beta of 2.14. The business has a 50 day moving average price of $3.15 and a 200-day moving average price of $2.13.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 23.46% of the company’s stock.

Institutional Investors Weigh In On Porch Group

Several hedge funds have recently modified their holdings of the stock. Zacks Investment Management acquired a new stake in Porch Group during the 3rd quarter valued at approximately $32,000. Caprock Group LLC bought a new stake in Porch Group in the third quarter valued at about $37,000. Mackenzie Financial Corp lifted its holdings 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 buying an additional 12,097 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Porch Group in the 3rd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Porch Group in the 3rd quarter valued at approximately $46,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

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.