127,680 Shares of Porch Group, Inc. $PRCH Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 127,680 Porch Group shares in the second quarter, worth approximately $1.92 million and representing about 0.10% of the company. Institutional investors collectively own 48.48% of PRCH.
• Porch Group insiders have been selling shares, including its CFO and a director; insiders sold 108,135 shares worth roughly $1.77 million over the past three months.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an $18.75 price target. The company recently beat quarterly revenue and EPS estimates, reporting $131.81 million in revenue and $0.05 EPS.

Bank of America Corp DE bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 127,680 shares of the company's stock, valued at approximately $1,920,000. Bank of America Corp DE owned approximately 0.10% of Porch Group as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in PRCH. Osbon Capital Management LLC bought a new position in Porch Group in the 4th quarter valued at $25,000. State of Wyoming bought a new position in shares of Porch Group in the second quarter valued at about $64,000. Persistent Asset Partners Ltd bought a new position in shares of Porch Group in the second quarter valued at about $103,000. PNC Financial Services Group Inc. lifted its position in Porch Group by 697.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock worth $67,000 after buying an additional 8,213 shares in the last quarter. Finally, Cetera Investment Advisers acquired a new position in Porch Group during the 1st quarter worth about $74,000. 48.48% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the transaction, the chief financial officer directly owned 215,495 shares of the company's stock, valued at $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda Reierson sold 33,135 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $16.46, for a total transaction of $545,402.10. Following the completion of the transaction, the director directly owned 134,180 shares of the company's stock, valued at $2,208,602.80. This trade represents a 19.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 108,135 shares of company stock worth $1,773,652. Company insiders own 27.78% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PRCH shares. Cantor Fitzgerald raised their price objective on shares of Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, September 25th. Weiss Ratings upgraded shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Benchmark increased their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Finally, Texas Capital raised shares of Porch Group to a "strong-buy" rating in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Porch Group has a consensus rating of "Moderate Buy" and a consensus price target of $18.75.

Porch Group Trading Up 0.5%

NASDAQ:PRCH opened at $16.66 on Thursday. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $18.37. The business's 50-day moving average price is $16.16 and its two-hundred day moving average price is $12.33. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of -138.83 and a beta of 3.17.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The company had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. On average, equities analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company's products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.

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