Porch Group (NASDAQ:PRCH) Shares Gap Down – Should You Sell?

Shares of Porch Group, Inc. (NASDAQ:PRCH) gapped down before the market opened 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 traded.

Wall Street Analyst Weigh In

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

Porch Group Stock Performance

The company has a market capitalization of $722.79 million, a P/E ratio of -8.60 and a beta of 2.04. The business has a 50 day moving average of $5.07 and a 200-day moving average of $3.66.

Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 108,226 shares of the company’s stock in a transaction on 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 transaction, the chief financial officer now directly owns 179,613 shares in the company, valued at approximately $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 23.46% of the company’s stock.

Hedge Funds Weigh In On Porch Group

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