Porch Group (NASDAQ:PRCH) Shares Down 14.3% - Here's Why

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price dropped 14.3% during trading on Tuesday . The stock traded as low as $6.05 and last traded at $5.93. Approximately 700,602 shares traded hands during trading, a decline of 68% from the average daily volume of 2,158,802 shares. The stock had previously closed at $6.92.

Analysts Set New Price Targets

PRCH has been the subject of several analyst reports. Benchmark lifted their price target on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. 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 research report on Wednesday, February 26th. Craig Hallum boosted their price objective 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. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Finally, Oppenheimer boosted their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $6.41.

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Porch Group Stock Up 2.2 %

The company has a market cap of $787.79 million, a price-to-earnings ratio of -9.41 and a beta of 2.04. The company's fifty day moving average price is $4.98 and its two-hundred day moving average price is $3.46.

Insider Activity

In other news, CFO Shawn Tabak sold 108,226 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 23.46% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRCH. Los Angeles Capital Management LLC acquired a new position in shares of Porch Group in the third quarter valued at approximately $46,000. GSA Capital Partners LLP lifted its position in shares of Porch Group by 223.4% in the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company's stock worth $2,353,000 after purchasing an additional 1,058,653 shares in the last quarter. Caprock Group LLC bought a new stake in shares of Porch Group in the third quarter worth $37,000. Citizens Financial Group Inc. RI lifted its position in shares of Porch Group by 128.6% in the third quarter. Citizens Financial Group Inc. RI now owns 400,000 shares of the company's stock worth $614,000 after purchasing an additional 225,000 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Porch Group by 9.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company's stock worth $363,000 after purchasing an additional 21,171 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.

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.