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

Porch Group, Inc. (NASDAQ:PRCH) shares gapped down prior to trading on Monday . The stock had previously closed at $6.60, but opened at $6.23. Porch Group shares last traded at $5.94, with a volume of 217,139 shares.

Analysts Set New Price Targets

PRCH has been the subject of several recent research reports. Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, February 26th. Craig Hallum boosted their price objective on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Keefe, Bruyette & Woods raised their target price on Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Benchmark lifted their target price on Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, Oppenheimer upped their price target on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Porch Group presently has a consensus rating of “Buy” and a consensus target price of $6.41.

Porch Group Trading Down 3.3 %

The stock has a 50 day simple moving average of $5.00 and a 200-day simple moving average of $3.53. The firm has a market cap of $673.56 million, a PE ratio of -8.01 and a beta of 2.04.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 108,226 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 23.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Porch Group

Institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. bought a new position in shares of Porch Group during the 3rd quarter valued at about $238,000. Barclays PLC lifted its position in shares of Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock worth $207,000 after buying an additional 108,748 shares in the last quarter. GSA Capital Partners LLP boosted its stake in Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after buying an additional 1,058,653 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in Porch Group by 128.6% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock valued at $614,000 after buying an additional 225,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Porch Group by 8.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock worth $3,052,000 after acquiring an additional 163,133 shares during the last quarter. 48.48% of the stock is 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.