Porch Group (NASDAQ:PRCH) Stock Price Down 4.8% - Here's What Happened

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price was down 4.8% during mid-day trading on Wednesday . The company traded as low as $9.51 and last traded at $9.45. Approximately 199,234 shares traded hands during trading, a decline of 90% from the average daily volume of 2,094,403 shares. The stock had previously closed at $9.93.

Analysts Set New Price Targets

A number of research analysts recently commented on PRCH shares. Keefe, Bruyette & Woods boosted their price target on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Stephens boosted their price objective on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Loop Capital reaffirmed a "buy" rating and issued a $13.00 target price (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Oppenheimer increased their price objective on Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Finally, Benchmark increased their price objective on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Porch Group has a consensus rating of "Buy" and a consensus target price of $8.89.

Porch Group Stock Down 3.4%

The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -13.67 and a beta of 2.44. The firm has a fifty day moving average price of $7.33 and a 200-day moving average price of $5.72.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The company had revenue of $104.75 million during the quarter, compared to analyst estimates of $79.44 million. Equities research analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the completion of the sale, the chief financial officer now owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. The trade was a 4.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Matthew Neagle sold 250,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $10.23, for a total value of $2,557,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,198,080 shares of the company's stock, valued at approximately $12,256,358.40. The trade was a 17.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 407,328 shares of company stock valued at $3,808,123 over the last 90 days. 23.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Porch Group

Several large investors have recently made changes to their positions in the company. Acadian Asset Management LLC grew its stake in shares of Porch Group by 92.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company's stock valued at $11,800,000 after buying an additional 778,240 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company's stock worth $8,464,000 after purchasing an additional 26,119 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock worth $352,000 after purchasing an additional 2,002 shares during the period. Bosun Asset Management LLC bought a new stake in shares of Porch Group in the first quarter valued at approximately $209,000. Finally, AQR Capital Management LLC grew its holdings in shares of Porch Group by 134.7% during the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company's stock worth $1,653,000 after purchasing an additional 130,166 shares during the last quarter. 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.

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