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

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $5.66, but opened at $5.49. Porch Group shares last traded at $5.82, with a volume of 412,037 shares.

Analysts Set New Price Targets

A number of research analysts have commented on PRCH shares. Oppenheimer upped their price target on Porch Group from $4.00 to $7.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. Stephens upped their target price on Porch Group from $4.00 to $5.00 and gave the stock an "overweight" rating in a report on Monday, November 11th. Loop Capital reaffirmed a "hold" rating and issued a $6.00 target price on shares of Porch Group 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 company a "buy" rating in a report on Friday, December 6th. Finally, 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. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $5.34.

Porch Group Stock Up 2.3 %

The stock has a market capitalization of $692.16 million, a P/E ratio of -8.27 and a beta of 2.14. The business has a fifty day moving average price of $3.61 and a 200-day moving average price of $2.27.

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. The trade was a 7.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 23.46% of the company's stock.

Hedge Funds Weigh In On Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Zacks Investment Management bought a new position in Porch Group in the third quarter valued at about $32,000. Mackenzie Financial Corp increased its position in shares of Porch Group by 102.4% during the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company's stock valued at $36,000 after purchasing an additional 12,097 shares during the last quarter. Caprock Group LLC bought a new position in shares of Porch Group in the 3rd quarter worth approximately $37,000. SG Americas Securities LLC bought a new position in shares of Porch Group in the 3rd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Porch Group in the third quarter worth approximately $46,000. 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.