Vanguard Group Inc. Boosts Stake in Porch Group, Inc. $PRCH

Vanguard Group Inc. boosted its stake in shares of Porch Group, Inc. (NASDAQ:PRCH) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,314,207 shares of the company’s stock after buying an additional 62,073 shares during the period. Vanguard Group Inc. owned 5.91% of Porch Group worth $66,779,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of PRCH. Invesco Ltd. lifted its holdings in Porch Group by 448.4% during the third quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock worth $63,681,000 after buying an additional 3,103,018 shares during the period. Wellington Management Group LLP purchased a new stake in shares of Porch Group during the 3rd quarter valued at $12,747,000. Algert Global LLC lifted its holdings in shares of Porch Group by 2,254.1% during the 3rd quarter. Algert Global LLC now owns 759,664 shares of the company’s stock valued at $12,747,000 after purchasing an additional 727,394 shares during the last quarter. Ashford Capital Management Inc. purchased a new stake in shares of Porch Group during the 3rd quarter valued at $8,866,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Porch Group by 95.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 924,180 shares of the company’s stock valued at $15,508,000 after purchasing an additional 450,560 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PRCH. Stephens assumed coverage on Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective for the company. Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Keefe, Bruyette & Woods raised Porch Group from a “market perform” rating to an “outperform” rating and cut their target price for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Finally, Benchmark upped their target price on Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.21.

Insiders Place Their Bets

In related news, CEO Matt Ehrlichman sold 145,882 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $6.84, for a total value of $997,832.88. Following the transaction, the chief executive officer directly owned 17,163,175 shares of the company’s stock, valued at approximately $117,396,117. This trade represents a 0.84% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 2,091,218 shares of company stock valued at $18,030,711. Company insiders own 27.78% of the company’s stock.

Porch Group Price Performance

NASDAQ:PRCH opened at $10.43 on Friday. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock has a market capitalization of $1.33 billion, a PE ratio of -61.35 and a beta of 3.24. The stock’s 50-day moving average price is $8.14 and its 200-day moving average price is $8.99.

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

Porch Group 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.