28,663 Shares in Porch Group, Inc. $PRCH Purchased by Bosun Asset Management LLC

Key Points

• Bosun Asset Management LLC acquired 28,663 shares of Porch Group, Inc. valued at approximately $209,000 in the first quarter of 2023.
• Analysts have a consensus rating of "Moderate Buy" for Porch Group, with target prices ranging from $13.00 to $21.00.
• Insiders sold a total of 120,000 shares of Porch Group stock worth $1,436,300 in the last three months, indicating potential shifts in confidence among company executives.

Bosun Asset Management LLC acquired a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 28,663 shares of the company's stock, valued at approximately $209,000.

Several other large investors have also bought and sold shares of the company. Granahan Investment Management LLC boosted its position in Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. boosted its position in Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock valued at $42,457,000 after acquiring an additional 312,370 shares in the last quarter. Driehaus Capital Management LLC boosted its position in Porch Group by 84.6% during the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock valued at $23,389,000 after acquiring an additional 1,470,580 shares in the last quarter. Invesco Ltd. boosted its position in Porch Group by 72.2% during the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock valued at $21,114,000 after acquiring an additional 1,213,951 shares in the last quarter. Finally, Monashee Investment Management LLC bought a new stake in Porch Group during the 1st quarter valued at approximately $11,300,000. 48.48% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PRCH shares. Keefe, Bruyette & Woods lifted their price objective on Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a research report on Wednesday, August 13th. The Goldman Sachs Group started coverage on shares of Porch Group in a report on Tuesday. They set a "buy" rating and a $21.00 target price for the company. Loop Capital reiterated a "buy" rating and set a $13.00 target price (up from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Zacks Research lowered shares of Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $20.00 target price on shares of Porch Group in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $15.22.

Porch Group Stock Up 0.7%

Shares of NASDAQ PRCH opened at $17.95 on Friday. Porch Group, Inc. has a twelve month low of $1.15 and a twelve month high of $18.12. The firm has a market cap of $2.20 billion, a P/E ratio of 35.20 and a beta of 2.84. The company has a 50 day moving average of $14.21 and a 200 day moving average of $9.96.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.16. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. The company had revenue of $119.30 million during the quarter, compared to analyst estimates of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Alan R. Pickerill sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total value of $450,400.00. Following the completion of the transaction, the director directly owned 182,416 shares in the company, valued at $2,054,004.16. The trade was a 17.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rachel Lam sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the transaction, the director owned 177,991 shares of the company's stock, valued at approximately $2,707,243.11. The trade was a 12.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 120,000 shares of company stock worth $1,436,300 in the last three months. Insiders own 23.32% 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.

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