Porch Group (NASDAQ:PRCH) Trading Down 7.3% – Should You Sell?

27 Dec 2024, 12:52 by Scott Moore · The Cerbat Gem

Porch Group, Inc. (NASDAQ:PRCH – Get Free Report) shares were down 7.3% during mid-day trading on Friday . The company traded as low as $5.30 and last traded at $5.37. Approximately 424,111 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,611,130 shares. The stock had previously closed at $5.79.

Analyst Ratings Changes

Several research firms have recently issued reports on PRCH. Loop Capital reaffirmed a “hold” rating and issued a $6.00 price objective on shares of Porch Group in a research note on Monday, December 9th. Oppenheimer increased their price objective on Porch Group from $4.00 to $7.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Stephens lifted their target price on shares of Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Benchmark reissued a “buy” rating and issued a $7.00 price target on shares of Porch Group in a research report on Tuesday, October 29th. Finally, Craig Hallum upped their price objective on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Two analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.34.

Get Our Latest Stock Analysis on Porch Group

Porch Group Stock Performance

The firm has a market capitalization of $639.56 million, a PE ratio of -7.64 and a beta of 2.14. The business’s 50 day moving average is $3.61 and its two-hundred day moving average is $2.27.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total value of $130,644.00. Following the completion of the transaction, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 23.46% of the company’s stock.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently bought and sold shares of the company. Susquehanna Fundamental Investments LLC raised its position in shares of Porch Group by 34.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 37,489 shares of the company’s stock worth $57,000 after buying an additional 9,626 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after acquiring an additional 12,097 shares in the last quarter. AE Wealth Management LLC boosted its position in shares of Porch Group by 7.5% during the 2nd quarter. AE Wealth Management LLC now owns 241,879 shares of the company’s stock valued at $365,000 after acquiring an additional 16,793 shares during the last quarter. Zacks Investment Management bought a new stake in shares of Porch Group during the 3rd quarter worth $32,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Porch Group by 9.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 236,351 shares of the company’s stock valued at $363,000 after purchasing an additional 21,171 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Company Profile

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