Porch Group (NASDAQ:PRCH) Stock Price Down 5% - Here's What Happened

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Benchmark increased their target price on shares of Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Loop Capital reaffirmed a "buy" rating and set a $13.00 price objective (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Stephens lifted their target price on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Keefe, Bruyette & Woods boosted their target price on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Finally, Oppenheimer raised their price target on Porch Group from $8.00 to $9.00 and gave the company an "outperform" 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 given a strong buy rating to the company. According to data from MarketBeat, Porch Group has an average rating of "Buy" and a consensus price target of $8.89.

Porch Group Price Performance

The firm has a market capitalization of $1.25 billion, a P/E ratio of -73.18 and a beta of 2.63. The company's 50 day moving average price is $8.75 and its 200 day moving average price is $6.59.

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 (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. On average, research analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 10,000 shares of the stock in a transaction dated Tuesday, April 15th. The stock was 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $10.75, for a total value of $268,750.00. Following the transaction, the director now owns 202,991 shares in the company, valued at approximately $2,182,153.25. This trade represents a 10.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,000 shares of company stock worth $4,895,150 over the last 90 days. Insiders own 23.32% of the company's stock.

Institutional Trading of Porch Group

A number of institutional investors and hedge funds have recently modified their holdings of PRCH. Granahan Investment Management LLC boosted its position in shares of Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after purchasing an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Porch Group by 5.7% during the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock worth $42,457,000 after acquiring an additional 312,370 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Porch Group by 84.6% in the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock valued at $23,389,000 after acquiring an additional 1,470,580 shares during the period. Invesco Ltd. increased its holdings in shares of Porch Group by 72.2% in the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after acquiring an additional 1,213,951 shares in the last quarter. Finally, Portolan Capital Management LLC raised its position in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after purchasing an additional 1,900,416 shares during the period. 48.48% of the stock is owned by institutional investors.

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.

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