Granahan Investment Management LLC Has $105.82 Million Stock Holdings in Porch Group, Inc. $PRCH

Key Points

• Granahan Investment Management increased its Porch Group stake by 20.3% in the fourth quarter, making PRCH its largest holding at 4.5% of the portfolio. The fund now owns 11.59 million shares valued at about $105.8 million.
• Porch Group’s CEO sold shares in April, with Matt Ehrlichman disposing of 145,882 shares for roughly $998,000 to cover tax withholding obligations tied to equity awards. Over the last 90 days, insiders have sold 2.5 million shares worth about $22.2 million.
• Recent results and analyst sentiment were mixed to positive: Porch Group beat quarterly EPS and revenue estimates, and analysts currently have a Moderate Buy consensus with an average price target of $17.21. Shares were last seen at $11.40, below that average target.

Granahan Investment Management LLC raised its position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 20.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,590,428 shares of the company's stock after purchasing an additional 1,953,736 shares during the quarter. Porch Group comprises 4.5% of Granahan Investment Management LLC's portfolio, making the stock its largest holding. Granahan Investment Management LLC owned about 9.37% of Porch Group worth $105,821,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake in Porch Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company's stock valued at $350,000 after purchasing an additional 1,090 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Porch Group by 1.5% in the third quarter. Alliancebernstein L.P. now owns 80,410 shares of the company's stock valued at $1,349,000 after buying an additional 1,200 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of Porch Group by 9.4% in the second quarter. Prudential Financial Inc. now owns 14,220 shares of the company's stock valued at $168,000 after buying an additional 1,220 shares in the last quarter. Aster Capital Management DIFC Ltd increased its holdings in shares of Porch Group by 956.3% in the third quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock valued at $26,000 after buying an additional 1,377 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Porch Group by 444.8% in 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 in the last quarter. 48.48% of the stock is owned by institutional investors.

Insider Buying and Selling at Porch Group

In other news, CEO Matt Ehrlichman sold 145,882 shares of the company's stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $6.84, for a total value of $997,832.88. Following the transaction, the chief executive officer directly owned 17,163,175 shares of the company's stock, valued at approximately $117,396,117. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 2,505,010 shares of company stock valued at $22,195,198 over the last 90 days. Corporate insiders own 27.78% of the company's stock.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $11.40 on Wednesday. The company's fifty day moving average is $9.31 and its two-hundred day moving average is $8.70. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a market cap of $1.46 billion, a P/E ratio of -67.05 and a beta of 3.22.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The company had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. Equities analysts expect that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on PRCH shares. Zacks Research raised Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Benchmark upped their price target on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Porch Group in a report on Friday, May 22nd. Finally, Stephens started coverage on Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $17.21.

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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