Bank of New York Mellon Corp Takes $5.61 Million Position in Porch Group, Inc. $PRCH

Bank of New York Mellon Corp purchased a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 372,862 shares of the company's stock, valued at approximately $5,608,000. Bank of New York Mellon Corp owned about 0.29% of Porch Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in PRCH. State of Wyoming purchased a new stake in shares of Porch Group in the 2nd quarter valued at $64,000. Moody National Bank Trust Division boosted its holdings in Porch Group by 0.3% during the 2nd quarter. Moody National Bank Trust Division now owns 658,852 shares of the company's stock valued at $9,909,000 after acquiring an additional 1,700 shares during the period. Zazove Associates LLC acquired a new position in Porch Group in the 1st quarter valued at about $759,000. Bank of America Corp DE grew its position in Porch Group by 34.8% in the 1st quarter. Bank of America Corp DE now owns 364,015 shares of the company's stock valued at $2,610,000 after acquiring an additional 94,033 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Porch Group by 3,773.5% during the first quarter. EverSource Wealth Advisors LLC now owns 15,339 shares of the company's stock worth $110,000 after purchasing an additional 14,943 shares during the period. 48.48% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 27.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. B. Riley Financial upped their price target on Porch Group from $19.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods increased their price target on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Benchmark lifted their price objective on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Cantor Fitzgerald boosted their price objective on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $18.42.

Porch Group Stock Performance

NASDAQ:PRCH opened at $17.94 on Friday. The firm has a 50 day simple moving average of $15.35 and a 200-day simple moving average of $11.22. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The firm has a market cap of $2.37 billion, a PE ratio of -149.50 and a beta of 3.17. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44.

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

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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