Porch Group (NASDAQ:PRCH) Shares Down 4.2% – What’s Next?

Porch Group, Inc. (NASDAQ:PRCH) shares were down 4.2% on Thursday . The company traded as low as $4.34 and last traded at $4.34. Approximately 208,421 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,193,907 shares. The stock had previously closed at $4.53.

Analyst Ratings Changes

A number of research firms have commented on PRCH. Oppenheimer lifted their price objective on shares of Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Craig Hallum lifted their target price 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. 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. Loop Capital restated a “hold” rating and set a $6.00 price objective on shares of Porch Group in a research report on Monday, December 9th. Finally, Stephens upped their target price on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.34.

Porch Group Stock Performance

The stock has a market cap of $527.17 million, a price-to-earnings ratio of -6.30 and a beta of 2.05. The stock’s 50-day simple moving average is $4.68 and its 200-day simple moving average is $2.73.

Porch Group (NASDAQ:PRCH) last released its earnings results on Thursday, November 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $111.20 million during the quarter. During the same quarter last year, the company posted ($0.12) EPS. On average, equities research analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction on Monday, December 16th. The stock was 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 in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several large investors have recently bought and sold shares of PRCH. Harbor Capital Advisors Inc. lifted its holdings in shares of Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares during the last quarter. GSA Capital Partners LLP lifted its stake in Porch Group by 223.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock valued at $2,353,000 after purchasing an additional 1,058,653 shares during the last quarter. Renaissance Technologies LLC boosted its position in Porch Group by 53.8% in the second quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock valued at $3,299,000 after buying an additional 763,800 shares in the last quarter. Portolan Capital Management LLC acquired a new stake in Porch Group in the third quarter valued at approximately $613,000. Finally, Sei Investments Co. acquired a new position in shares of Porch Group during the second quarter worth $477,000. 48.48% of the stock is owned by institutional investors and hedge funds.

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.