Porch Group (NASDAQ:PRCH) Stock Price Down 16.3% - Here's Why

Shares of Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) dropped 16.3% during trading on Friday . The stock traded as low as $5.58 and last traded at $5.40. Approximately 553,882 shares were traded during trading, a decline of 69% from the average daily volume of 1,779,139 shares. The stock had previously closed at $6.45.

Analysts Set New Price Targets

Several brokerages recently weighed in on PRCH. Stephens upped their target price on shares of Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Benchmark increased their target price on 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 raised Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a report on Wednesday, February 26th. Keefe, Bruyette & Woods increased 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 lifted their price objective on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research report on Wednesday, February 26th. One investment 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, Porch Group has an average rating of "Buy" and a consensus price target of $7.32.

Porch Group Stock Performance

The business's fifty day moving average price is $5.78 and its two-hundred day moving average price is $4.27. The stock has a market capitalization of $711.98 million, a P/E ratio of -8.47 and a beta of 2.15.

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Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the business's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares in the company, valued at $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Matthew Neagle sold 27,328 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the sale, the chief operating officer now owns 1,356,729 shares of the company's stock, valued at $9,483,535.71. This trade represents a 1.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 195,554 shares of company stock worth $1,220,190 over the last ninety days. Company insiders own 23.46% of the company's stock.

Institutional Trading of Porch Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. purchased a new stake in shares of Porch Group in the third quarter worth approximately $238,000. Barclays PLC increased its stake in Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company's stock worth $207,000 after purchasing an additional 108,748 shares during the period. Geode Capital Management LLC increased its stake in Porch Group by 8.9% in the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock worth $3,052,000 after purchasing an additional 163,133 shares during the period. State Street Corp lifted its position in shares of Porch Group by 7.4% during the third quarter. State Street Corp now owns 1,667,493 shares of the company's stock worth $2,560,000 after purchasing an additional 115,176 shares during the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of Porch Group in the fourth quarter worth about $810,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.