BlackRock Inc. Purchases Shares of 8,576,809 Porch Group, Inc. $PRCH

BlackRock Inc. purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 8,576,809 shares of the company's stock, valued at approximately $128,995,000. BlackRock Inc. owned about 6.72% of Porch Group at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of PRCH. Osbon Capital Management LLC purchased a new stake in shares of Porch Group in the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd boosted its stake in shares of Porch Group by 97.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock valued at $27,000 after purchasing an additional 1,481 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after buying an additional 1,499 shares during the period. Kemnay Advisory Services Inc. purchased a new position in shares of Porch Group during the fourth quarter valued at about $38,000. Finally, State of Wyoming bought a new position in Porch Group in the second quarter worth about $64,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Trading Down 0.2%

Porch Group stock opened at $17.40 on Friday. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $19.44. The company has a market cap of $2.29 billion, a P/E ratio of -145.00 and a beta of 3.15. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The business has a 50-day simple moving average of $14.89 and a two-hundred day simple moving average of $10.88.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PRCH. Keefe, Bruyette & Woods raised their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their price objective on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Stephens began coverage on Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 price objective for the company. Benchmark raised their price objective on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.79.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the sale, the chief financial officer owned 215,495 shares of the company's stock, valued at $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 53,944 shares of company stock valued at $851,371 in the last ninety days. 27.78% of the stock is owned by company insiders.

Porch Group Profile

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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