Porch Group (NASDAQ:PRCH) Sees Large Volume Increase – Time to Buy?

Porch Group, Inc. (NASDAQ:PRCH) shares saw unusually-strong trading volume on Wednesday . Approximately 1,120,271 shares traded hands during trading, a decline of 28% from the previous session’s volume of 1,561,997 shares.The stock last traded at $5.55 and had previously closed at $5.61.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PRCH shares. Cantor Fitzgerald raised shares of Porch Group to a “strong-buy” rating in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods dropped their price target on shares of Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Northland Securities dropped their price target on shares of Porch Group from $5.00 to $3.25 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. 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 boosted their target price on shares of Porch Group from $3.00 to $4.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Porch Group currently has an average rating of “Buy” and a consensus price target of $4.18.

Porch Group Price Performance

The stock’s fifty day moving average price is $2.32 and its 200-day moving average price is $1.90. The firm has a market cap of $631.17 million, a price-to-earnings ratio of -7.76 and a beta of 2.14.

Insider Activity

In related news, CFO Shawn Tabak sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $2.00, for a total transaction of $30,000.00. Following the transaction, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at approximately $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 23.46% of the stock is owned by company insiders.

Institutional Trading of Porch Group

Large investors have recently added to or reduced their stakes in the business. Zacks Investment Management bought a new stake in Porch Group in the third quarter worth approximately $32,000. Mackenzie Financial Corp grew its position in Porch Group by 102.4% in the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after acquiring an additional 12,097 shares in the last quarter. Caprock Group LLC bought a new stake in Porch Group in the third quarter worth approximately $37,000. SG Americas Securities LLC bought a new stake in Porch Group in the third quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Porch Group in the third quarter worth $46,000. 48.48% of the stock is owned by 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.