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

Porch Group, Inc. (NASDAQ:PRCH)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $5.66, but opened at $5.49. Porch Group shares last traded at $5.82, with a volume of 412,037 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Craig Hallum boosted their target price on shares of Porch Group from $4.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Oppenheimer raised their target price on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Loop Capital reaffirmed a “hold” rating and set a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Benchmark reiterated a “buy” rating and issued a $7.00 price target on shares of Porch Group in a report on Tuesday, October 29th. Finally, Stephens boosted their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Porch Group currently has an average rating of “Moderate Buy” and an average price target of $5.34.

Porch Group Stock Down 6.0 %

The company has a 50-day moving average of $3.69 and a 200-day moving average of $2.29. The company has a market cap of $650.32 million, a PE ratio of -7.77 and a beta of 2.14.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of Porch Group stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now owns 287,839 shares of the company’s stock, valued at $1,727,034. This trade represents a 7.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

A number of hedge funds have recently bought and sold shares of the business. Zacks Investment Management purchased a new stake in shares of Porch Group during the 3rd quarter valued at $32,000. Mackenzie Financial Corp increased its holdings in Porch Group by 102.4% during the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock worth $36,000 after buying an additional 12,097 shares during the last quarter. Caprock Group LLC bought a new stake in Porch Group in the third quarter worth about $37,000. SG Americas Securities LLC purchased a new position in Porch Group in the third quarter valued at about $42,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Porch Group during the 3rd quarter valued at approximately $46,000. 48.48% of the stock is currently 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.