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

Porch Group, Inc. (NASDAQ:PRCH)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $6.29, but opened at $6.05. Porch Group shares last traded at $6.02, with a volume of 128,789 shares changing hands.

Analyst Upgrades and Downgrades

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

Porch Group Trading Up 0.3 %

The company’s 50 day moving average is $5.13 and its 200-day moving average is $3.71. The company has a market capitalization of $752.80 million, a P/E ratio of -8.96 and a beta of 2.04.

Insider Activity at Porch Group

In related news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $6.24, for a total transaction of $374,400.00. Following the sale, the chief operating officer now directly owns 1,384,057 shares of the company’s stock, valued at approximately $8,636,515.68. This represents a 4.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Shawn Tabak sold 108,226 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at $1,086,658.65. This trade represents a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 23.46% of the stock is currently owned by insiders.

Institutional Trading of Porch Group

Several institutional investors have recently bought and sold shares of the company. Zacks Investment Management purchased a new stake in shares of Porch Group during the 3rd quarter valued at about $32,000. Nisa Investment Advisors LLC boosted its holdings in shares of Porch Group by 5,776.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after acquiring an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Porch Group during the 4th quarter valued at about $35,000. Caprock Group LLC purchased a new stake in shares of Porch Group during the 3rd quarter valued at about $37,000. Finally, Rik Saylor Financial Inc. purchased a new stake in shares of Porch Group during the 4th quarter valued at about $49,000. 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.