Porch Group (NASDAQ:PRCH) Trading Down 5% - Should You Sell?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price was down 5% during trading on Monday . The stock traded as low as $10.08 and last traded at $10.18. Approximately 640,703 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,176,354 shares. The stock had previously closed at $10.72.

Wall Street Analysts Forecast Growth

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

Porch Group Trading Up 10.2%

The business's fifty day simple moving average is $9.21 and its 200-day simple moving average is $6.73. The firm has a market cap of $1.45 billion, a P/E ratio of -85.29 and a beta of 2.63.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. As a group, research analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Transactions at Porch Group

In other news, CFO Shawn Tabak sold 10,000 shares of the company's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total value of $53,400.00. Following the transaction, the chief financial officer now owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. This represents a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lam sold 25,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $10.75, for a total transaction of $268,750.00. Following the completion of the transaction, the director now directly owns 202,991 shares in the company, valued at approximately $2,182,153.25. The trade was a 10.97% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,000 shares of company stock valued at $4,895,150. 23.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new position in Porch Group in the fourth quarter worth $176,000. Rhumbline Advisers grew its position in Porch Group by 28.7% in the first quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock worth $725,000 after acquiring an additional 22,159 shares in the last quarter. GAMMA Investing LLC grew its position in Porch Group by 801.6% in the first quarter. GAMMA Investing LLC now owns 91,285 shares of the company's stock worth $665,000 after acquiring an additional 81,160 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in Porch Group in the fourth quarter worth $51,000. Finally, JPMorgan Chase & Co. grew its position in Porch Group by 225.1% in the fourth quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock worth $3,593,000 after acquiring an additional 505,660 shares in the last quarter. 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.