Porch Group (NASDAQ:PRCH) Shares Gap Down - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) shares 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.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Loop Capital upgraded Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods boosted their target price on Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Oppenheimer upped their price target on Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 26th. Craig Hallum lifted 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. Finally, Benchmark boosted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $7.03.

Porch Group Stock Up 6.2 %

The company has a market cap of $816.44 million, a price-to-earnings ratio of -9.71 and a beta of 2.04. The business has a fifty day simple moving average of $5.21 and a 200 day simple moving average of $3.79.

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Insiders Place Their Bets

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

Institutional Trading of Porch Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its stake in Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after purchasing an additional 5,273 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Porch Group by 22.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company's stock worth $151,000 after buying an additional 5,557 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Porch Group by 5,776.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock valued at $33,000 after buying an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in shares of Porch Group during the fourth quarter valued at approximately $35,000. Finally, ProShare Advisors LLC boosted its position in Porch Group by 51.0% during the fourth quarter. ProShare Advisors LLC now owns 22,238 shares of the company's stock worth $109,000 after acquiring an additional 7,506 shares during the last quarter. 48.48% of the stock is currently 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.