Porch Group (NASDAQ:PRCH) Shares Down 5.3% - Should You Sell?

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report)'s share price was down 5.3% on Wednesday . The company traded as low as $5.04 and last traded at $5.15. Approximately 457,782 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,812,678 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PRCH. Stephens raised their price target on shares of Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Keefe, Bruyette & Woods lifted their price objective on Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a research report on Monday, March 3rd. Oppenheimer lifted their target price on Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a research note on Wednesday, February 26th. Benchmark increased their price target on Porch Group from $7.00 to $10.00 and gave the company a "buy" rating in a research note on Wednesday, February 26th. Finally, Loop Capital raised shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target on the stock in a research report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $7.32.

Porch Group Stock Down 11.9 %

The stock has a market cap of $559.50 million, a price-to-earnings ratio of -6.66 and a beta of 2.15. The stock has a 50 day simple moving average of $5.95 and a 200 day simple moving average of $4.52.

Insider Buying and Selling

In other news, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now owns 1,384,057 shares in the company, valued at $8,636,515.68. This trade represents a 4.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the business'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 sale, the chief financial officer now 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 205,554 shares of company stock worth $1,273,590. 23.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Porch Group

A number of large investors have recently added to or reduced their stakes in PRCH. Arrowstreet Capital Limited Partnership bought a new stake in shares of Porch Group in the 4th quarter valued at about $176,000. Franklin Resources Inc. purchased a new position in shares of Porch Group during the third quarter valued at approximately $238,000. Barclays PLC increased its holdings in shares of Porch Group by 415.5% during the third quarter. Barclays PLC now owns 134,919 shares of the company's stock valued at $207,000 after acquiring an additional 108,748 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Porch Group by 8.9% in the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock worth $3,052,000 after buying an additional 163,133 shares in the last quarter. Finally, State Street Corp boosted its stake in Porch Group by 7.4% during the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company's stock valued at $2,560,000 after purchasing an additional 115,176 shares during the last quarter. Hedge funds and other 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.