Porch Group (NASDAQ:PRCH) Shares Down 7.4% – Should You Sell?

Porch Group, Inc. (NASDAQ:PRCH)’s share price traded down 7.4% during mid-day trading on Tuesday . The stock traded as low as $4.82 and last traded at $4.85. 348,612 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 1,159,578 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Stephens raised their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Oppenheimer raised their target price 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. Loop Capital restated a “hold” rating and issued a $6.00 target price on shares of Porch Group in a report on Monday, December 9th. Benchmark reiterated a “buy” rating and issued a $7.00 target price on shares of Porch Group in a report on Tuesday, October 29th. Finally, Craig Hallum raised their price target on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Two 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Stock Down 7.7 %

The company’s 50-day simple moving average is $4.23 and its 200 day simple moving average is $2.49. The stock has a market capitalization of $559.47 million, a price-to-earnings ratio of -6.69 and a beta of 2.05.

Insider Activity

In other news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $6.00, for a total value of $130,644.00. Following the sale, the chief financial officer now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.46% of the stock is currently owned by insiders.

Institutional Trading of Porch Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRCH. Zacks Investment Management bought a new position in shares of Porch Group during the 3rd quarter worth about $32,000. Mackenzie Financial Corp increased its holdings 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 period. Caprock Group LLC acquired a new position in shares of Porch Group in the 3rd quarter valued at $37,000. SG Americas Securities LLC bought a new position in shares of Porch Group during the 3rd quarter worth about $42,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Porch Group during the 3rd quarter valued at about $46,000. 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.