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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PRCH shares. Benchmark reaffirmed a “buy” rating and issued a $7.00 target price on shares of Porch Group in a research report on Tuesday, October 29th. Loop Capital reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a report on Monday, December 9th. Oppenheimer increased their target price on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Stephens upped their price target on shares of Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Finally, Craig Hallum boosted their target price 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. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $5.34.

Porch Group Price Performance

The firm has a market capitalization of $598.92 million, a P/E ratio of -7.16 and a beta of 2.05. The stock’s 50-day simple moving average is $4.13 and its two-hundred day simple moving average is $2.45.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the sale, the chief financial officer now owns 287,839 shares in the company, valued at $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 is available at the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several hedge funds have recently bought and sold shares of PRCH. Harbor Capital Advisors Inc. boosted its stake in Porch Group by 186.6% during the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock valued at $5,794,000 after buying an additional 2,457,915 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Porch Group by 53.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after acquiring an additional 763,800 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of Porch Group during the 3rd quarter valued at approximately $238,000. GSA Capital Partners LLP grew its holdings in shares of Porch Group by 223.4% in the third 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 in the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in Porch Group by 128.6% in the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company’s stock worth $614,000 after purchasing an additional 225,000 shares during the last quarter. Hedge funds and other institutional investors 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.