Porch Group (NASDAQ:PRCH) Shares Gap Down – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped down before the market opened on Thursday . The stock had previously closed at $5.66, but opened at $5.49. Porch Group shares last traded at $5.82, with a volume of 412,037 shares changing hands.

Analysts Set New Price Targets

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

Porch Group Stock Performance

The stock has a 50-day simple moving average of $3.53 and a two-hundred day simple moving average of $2.24. The firm has a market cap of $681.40 million, a PE ratio of -8.14 and a beta of 2.14.

Insider Activity

In related news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total value of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 23.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC increased its position in Porch Group by 34.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock worth $57,000 after buying an additional 9,626 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Porch Group by 102.4% during 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 in the last quarter. AE Wealth Management LLC lifted its position in shares of Porch Group by 7.5% in the second 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 shares of Porch Group in the third quarter valued at about $32,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Porch Group by 9.8% in the third 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 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.