Porch Group (NASDAQ:PRCH) Shares Gap Down – Here’s Why

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped down prior to trading on Tuesday . The stock had previously closed at $6.29, but opened at $6.05. Porch Group shares last traded at $6.02, with a volume of 128,789 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PRCH shares. Keefe, Bruyette & Woods increased their price objective on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a report on Wednesday, February 26th. Oppenheimer boosted their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Craig Hallum upped their target price on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Benchmark lifted their price target on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Porch Group currently has a consensus rating of “Buy” and a consensus price target of $6.41.

Porch Group Stock Down 4.3 %

The company has a market cap of $722.79 million, a PE ratio of -8.60 and a beta of 2.04. The stock’s 50 day moving average is $5.07 and its 200-day moving average is $3.66.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 108,226 shares of the firm’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 transaction of $654,767.30. Following the transaction, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % 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 owned by insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRCH. Nisa Investment Advisors LLC grew its position in shares of Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after buying an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new stake in Porch Group in the fourth quarter valued at approximately $35,000. Rik Saylor Financial Inc. purchased a new position in Porch Group in the fourth quarter worth $49,000. Raymond James Financial Inc. acquired a new position in shares of Porch Group during the fourth quarter valued at about $50,000. Finally, GAMMA Investing LLC purchased a new position in shares of Porch Group in the fourth quarter worth $50,000. Hedge funds and other institutional investors 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.