Porch Group (NASDAQ:PRCH) Stock Price Down 4.2% - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price was down 4.2% during trading on Thursday . The stock 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 Upgrades and Downgrades

PRCH has been the subject of several recent research reports. Benchmark restated a "buy" rating and set a $7.00 target price on shares of Porch Group in a report on Tuesday, October 29th. Stephens lifted their price objective on Porch Group from $4.00 to $5.00 and gave the stock an "overweight" rating in a research report on Monday, November 11th. Loop Capital reiterated a "hold" rating and issued a $6.00 price target 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 stock an "outperform" rating in a research report on Monday, December 9th. Finally, Craig Hallum lifted their price target on Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a report on Friday, December 6th. Two investment 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. According to data from MarketBeat.com, Porch Group presently has a consensus rating of "Moderate Buy" and an average price target of $5.34.

Porch Group Price Performance

The firm's 50-day moving average price is $4.63 and its 200-day moving average price is $2.70. The company has a market cap of $526.57 million, a price-to-earnings ratio of -6.29 and a beta of 2.05.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The business had revenue of $111.20 million during the quarter. During the same period last year, the firm earned ($0.12) EPS. On average, sell-side analysts anticipate 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 15,000 shares of the company's stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $2.00, for a total value of $30,000.00. Following the sale, the chief financial officer now owns 278,298 shares in the company, valued at approximately $556,596. This represents a 5.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers acquired a new stake in shares of Porch Group during the 2nd quarter valued at approximately $99,000. Renaissance Technologies LLC grew its position 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 valued at $3,299,000 after buying an additional 763,800 shares during the last quarter. XTX Topco Ltd lifted its holdings in Porch Group by 178.4% in the second quarter. XTX Topco Ltd now owns 83,756 shares of the company's stock worth $126,000 after acquiring an additional 53,667 shares during the last quarter. AE Wealth Management LLC lifted its holdings in Porch Group by 7.5% in the second quarter. AE Wealth Management LLC now owns 241,879 shares of the company's stock worth $365,000 after acquiring an additional 16,793 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in Porch Group in the second quarter valued at approximately $477,000. Institutional investors and hedge funds 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.

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