Acadian Asset Management LLC Buys 778,240 Shares of Porch Group, Inc. $PRCH

Key Points

• Acadian Asset Management LLC increased its stake in Porch Group by 92.5%, now owning a total of 1,619,752 shares valued at approximately $11.8 million.
• Porch Group reported earnings of $0.03 per share, significantly exceeding estimates of ($0.13), with a revenue of $119.3 million for the quarter.
• Analysts have set varying price targets for Porch Group, with Goldman Sachs giving a "buy" rating and a target of $21.00, against an average target price of $15.67.

Acadian Asset Management LLC lifted its stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 92.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,619,752 shares of the company's stock after purchasing an additional 778,240 shares during the period. Acadian Asset Management LLC owned 1.35% of Porch Group worth $11,800,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Porch Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock worth $352,000 after acquiring an additional 2,002 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Porch Group by 23.7% during the 1st quarter. GAMMA Investing LLC now owns 12,522 shares of the company's stock worth $91,000 after acquiring an additional 2,397 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Porch Group by 5.6% during the 1st quarter. Deutsche Bank AG now owns 53,845 shares of the company's stock worth $393,000 after acquiring an additional 2,872 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Porch Group during the 1st quarter worth approximately $29,000. Finally, CWM LLC increased its holdings in shares of Porch Group by 112.2% during the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after acquiring an additional 4,617 shares during the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Stock Up 0.1%

Shares of PRCH stock opened at $18.15 on Friday. Porch Group, Inc. has a twelve month low of $1.16 and a twelve month high of $19.22. The company has a market cap of $2.22 billion, a P/E ratio of 35.59 and a beta of 2.84. The business has a fifty day simple moving average of $14.85 and a 200 day simple moving average of $10.43.

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 the consensus estimate of ($0.13) by $0.16. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%.The business had revenue of $119.30 million during the quarter, compared to the consensus estimate of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. The Goldman Sachs Group assumed coverage on Porch Group in a report on Tuesday, September 2nd. They set a "buy" rating and a $21.00 target price on the stock. Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Keefe, Bruyette & Woods boosted their target price on Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a report on Wednesday, August 13th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $20.00 price objective on shares of Porch Group in a report on Tuesday, September 2nd. Finally, Benchmark upped their price objective on Porch Group from $17.00 to $21.00 and gave the company a "buy" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $15.67.

Insider Buying and Selling

In other Porch Group news, Director Regi Vengalil sold 40,000 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $18.20, for a total value of $728,000.00. Following the completion of the transaction, the director directly owned 165,903 shares in the company, valued at approximately $3,019,434.60. This trade represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Matthew Neagle sold 55,000 shares of the stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $18.69, for a total value of $1,027,950.00. Following the completion of the transaction, the chief operating officer owned 999,784 shares of the company's stock, valued at $18,685,962.96. This represents a 5.21% 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 $2,136,200 in the last ninety days. 23.32% of the stock is owned by insiders.

Porch Group Company 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.

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