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

Porch Group, Inc. (NASDAQ:PRCH)’s share price gapped down prior to trading on Monday . The stock had previously closed at $6.60, but opened at $6.23. Porch Group shares last traded at $5.94, with a volume of 217,139 shares.

Analyst Upgrades and Downgrades

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

Porch Group Price Performance

The stock has a market capitalization of $673.56 million, a PE ratio of -8.01 and a beta of 2.04. The firm has a fifty day moving average price of $5.00 and a two-hundred day moving average price of $3.53.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 108,226 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. The trade was a 37.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently modified their holdings of PRCH. Zacks Investment Management purchased a new position in Porch Group during the 3rd quarter worth $32,000. Nisa Investment Advisors LLC increased its stake in shares of Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after buying an additional 6,527 shares during the period. Jones Financial Companies Lllp bought a new stake in shares of Porch Group in the fourth quarter valued at about $35,000. Caprock Group LLC bought a new stake in shares of Porch Group in the third quarter valued at about $37,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Porch Group in the third quarter worth about $46,000. Institutional investors own 48.48% of the company’s stock.

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.