Vanguard Group Inc. Raises Position in Porch Group, Inc. $PRCH

Vanguard Group Inc. boosted its stake in Porch Group, Inc. (NASDAQ:PRCH) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,314,207 shares of the company’s stock after buying an additional 62,073 shares during the quarter. Vanguard Group Inc. owned approximately 0.06% of Porch Group worth $66,779,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd lifted its stake in Porch Group by 956.3% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company’s stock valued at $26,000 after buying an additional 1,377 shares in the last quarter. Larson Financial Group LLC lifted its stake in Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock valued at $31,000 after buying an additional 1,499 shares in the last quarter. RiverPark Advisors LLC purchased a new position in Porch Group in the 3rd quarter worth approximately $39,000. State of Alaska Department of Revenue purchased a new position in Porch Group in the 3rd quarter worth approximately $80,000. Finally, State of Wyoming purchased a new position in Porch Group in the 2nd quarter worth approximately $111,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods raised shares of Porch Group from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $13.00 to $10.50 in a research note on Wednesday, February 11th. Benchmark raised their target price on shares of Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Stephens assumed coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 target price on the stock. Finally, Zacks Research raised shares of Porch Group from a “strong sell” rating to a “hold” rating in a research note on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Porch Group has a consensus rating of “Moderate Buy” and an average price target of $17.21.

Porch Group Trading Up 1.9%

PRCH opened at $10.43 on Friday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The company’s 50 day simple moving average is $8.14 and its two-hundred day simple moving average is $8.99. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of -61.35 and a beta of 3.24.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. Analysts expect that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity

In related news, CFO Shawn Tabak sold 11,107 shares of Porch Group stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $10.52, for a total value of $116,845.64. Following the completion of the sale, the chief financial officer owned 320,787 shares in the company, valued at approximately $3,374,679.24. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 63,650 shares of Porch Group stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $10.52, for a total transaction of $669,598.00. Following the completion of the sale, the chief operating officer owned 2,113,032 shares of the company’s stock, valued at $22,229,096.64. This trade represents a 2.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 2,091,218 shares of company stock valued at $18,030,711. 27.78% of the stock is currently owned by company insiders.

Porch Group Company Profile

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.