Acadian Asset Management LLC Grows Position in 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 grew its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 92.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,619,752 shares of the company's stock after buying 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.

Other institutional investors have also modified their holdings of the company. FNY Investment Advisers LLC bought a new stake in shares of Porch Group in the 1st quarter valued at about $29,000. CWM LLC boosted its stake in Porch Group by 112.2% in the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after purchasing an additional 4,617 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Porch Group in the 4th quarter worth approximately $50,000. Ameriprise Financial Inc. acquired a new stake in Porch Group in the 4th quarter worth approximately $51,000. Finally, Ieq Capital LLC acquired a new stake in Porch Group in the 1st quarter worth approximately $81,000. 48.48% of the stock is currently owned by institutional investors.

Porch Group Stock Performance

Porch Group stock traded up $0.08 during trading on Wednesday, reaching $18.02. The company had a trading volume of 556,900 shares, compared to its average volume of 2,412,364. The firm's 50-day simple moving average is $15.16 and its 200 day simple moving average is $10.71. Porch Group, Inc. has a 1-year low of $1.26 and a 1-year high of $19.22. The firm has a market capitalization of $2.21 billion, a PE ratio of 35.39 and a beta of 2.84.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. Analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Benchmark lifted their target price on shares of Porch Group from $17.00 to $21.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 target price on shares of Porch Group in a research note on Tuesday, September 2nd. B. Riley assumed coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price target for the company. The Goldman Sachs Group assumed coverage on shares of Porch Group in a research report on Tuesday, September 2nd. They set a "buy" rating and a $21.00 price target for the company. Finally, Keefe, Bruyette & Woods raised their price target on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $15.67.

Insider Activity

In other news, Director Regi Vengalil sold 40,000 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $18.20, for a total transaction of $728,000.00. Following the transaction, the director owned 165,903 shares of the company's stock, valued at approximately $3,019,434.60. The trade was a 19.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Amanda L. Reierson sold 50,000 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $17.67, for a total transaction of $883,500.00. Following the transaction, the director directly owned 151,375 shares in the company, valued at approximately $2,674,796.25. The trade was a 24.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 170,000 shares of company stock worth $3,019,700. 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.