Porch Group (NASDAQ:PRCH) Shares Down 9.1% - Here's Why

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price traded down 9.1% during mid-day trading on Tuesday . The company traded as low as $5.13 and last traded at $5.29. 875,360 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 1,597,670 shares. The stock had previously closed at $5.82.

Analyst Ratings Changes

Several research firms have recently weighed in on PRCH. Oppenheimer increased their price objective on Porch Group from $4.00 to $7.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. Craig Hallum boosted 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. Stephens increased their target price on shares of Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. Loop Capital restated a "hold" rating and set a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Finally, Benchmark reaffirmed a "buy" rating and issued a $7.00 price target on shares of Porch Group in a report on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $5.34.

Porch Group Price Performance

The business's 50 day simple moving average is $3.08 and its 200-day simple moving average is $2.11. The stock has a market capitalization of $638.34 million, a P/E ratio of -7.63 and a beta of 2.14.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $2.00, for a total value of $30,000.00. Following the completion of the sale, the chief financial officer now directly owns 278,298 shares in the company, valued at $556,596. This represents a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.46% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

Several institutional investors have recently added to or reduced their stakes in PRCH. Harbor Capital Advisors Inc. lifted its position in shares of Porch Group by 186.6% in the third quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company's stock worth $5,794,000 after purchasing an additional 2,457,915 shares in the last quarter. Renaissance Technologies LLC increased its stake in Porch Group by 53.8% in 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. Marshall Wace LLP lifted its position in Porch Group by 11.8% during the 2nd quarter. Marshall Wace LLP now owns 2,152,174 shares of the company's stock worth $3,250,000 after buying an additional 226,721 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Porch Group by 8.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock worth $3,052,000 after buying an additional 163,133 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Porch Group by 7.4% in the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company's stock valued at $2,560,000 after acquiring an additional 115,176 shares in the last quarter. 48.48% of the stock is owned by 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.