Porch Group (NASDAQ:PRCH) Shares Down 7.4% - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s stock price dropped 7.4% during trading on Tuesday . The company traded as low as $4.82 and last traded at $4.85. Approximately 348,612 shares changed hands during trading, a decline of 70% from the average daily volume of 1,159,578 shares. The stock had previously closed at $5.24.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PRCH shares. Oppenheimer raised their target price on shares of Porch Group from $4.00 to $7.00 and gave the company an "outperform" rating in a research note on Monday, December 9th. Benchmark restated a "buy" rating and set a $7.00 target price on shares of Porch Group in a research note on Tuesday, October 29th. Stephens increased their price target on Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research note on Monday, November 11th. Craig Hallum boosted their price target on Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, Loop Capital reaffirmed a "hold" rating and issued a $6.00 price objective on shares of Porch Group in a research report on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $5.34.

Porch Group Trading Down 3.2 %

The business's 50-day simple moving average is $4.13 and its 200-day simple moving average is $2.45. The company has a market capitalization of $606.09 million, a PE ratio of -7.24 and a beta of 2.05.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 278,298 shares of the company's stock, valued at approximately $556,596. The trade was a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.46% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors have recently made changes to their positions in PRCH. Susquehanna Fundamental Investments LLC grew its holdings in Porch Group by 34.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company's stock valued at $57,000 after purchasing an additional 9,626 shares during the period. GAMMA Investing LLC purchased a new position in shares of Porch Group during the 4th quarter valued at approximately $50,000. Mackenzie Financial Corp grew its stake in Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company's stock valued at $36,000 after acquiring an additional 12,097 shares during the period. AE Wealth Management LLC increased its holdings in Porch Group by 7.5% in the 2nd 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 in the last quarter. Finally, Zacks Investment Management acquired a new position in Porch Group during the third quarter worth $32,000. 48.48% of the stock is 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.