Bryce Point Capital LLC Invests $317,000 in Porch Group, Inc. (NASDAQ:PRCH)

Key Points

• Bryce Point Capital LLC purchased 42,679 shares of Porch Group, Inc. (NASDAQ:PRCH) in the first quarter, worth approximately $317,000.
• A significant number of institutional investors are increasing their stakes in Porch Group, with Vanguard Group boosting its holdings by 24.9% to 5.5 million shares.
• Insiders have sold a total of 465,000 shares of Porch Group stock in the last ninety days, indicating a notable decrease in ownership among key executives.

Bryce Point Capital LLC bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 42,679 shares of the company's stock, valued at approximately $317,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PRCH. FNY Investment Advisers LLC purchased a new stake in shares of Porch Group in the first quarter valued at about $29,000. CWM LLC lifted its position in Porch Group by 112.2% in the first quarter. CWM LLC now owns 8,732 shares of the company's stock valued at $64,000 after purchasing an additional 4,617 shares during the period. Raymond James Financial Inc. purchased a new stake in Porch Group in the 4th quarter valued at approximately $50,000. Ameriprise Financial Inc. acquired a new position in Porch Group during the 4th quarter worth approximately $51,000. Finally, Tower Research Capital LLC TRC increased its position in Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after purchasing an additional 5,273 shares during the period. Hedge funds and other institutional investors own 48.48% of the company's stock.

Porch Group Price Performance

Porch Group stock traded down $0.30 during trading hours on Monday, hitting $13.12. The stock had a trading volume of 1,122,018 shares, compared to its average volume of 1,918,415. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $14.34. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -93.71 and a beta of 2.67. The stock's fifty day moving average is $11.44 and its two-hundred day moving average is $7.92.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. As a group, sell-side analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Buying and Selling at Porch Group

In other Porch Group news, Director Alan R. Pickerill sold 40,000 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total transaction of $450,400.00. Following the sale, the director owned 182,416 shares in the company, valued at approximately $2,054,004.16. This represents a 17.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $10.75, for a total value of $268,750.00. Following the transaction, the director directly owned 202,991 shares of the company's stock, valued at $2,182,153.25. The trade was a 10.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 465,000 shares of company stock worth $4,841,750 over the last ninety days. 23.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PRCH. Loop Capital restated a "buy" rating and issued a $13.00 price target (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark raised their target price on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Oppenheimer increased their price target on shares of Porch Group from $9.00 to $14.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, B. Riley started coverage on shares of Porch Group in a report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $10.28.

Porch Group Profile

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.