Granahan Investment Management LLC Increases Stock Holdings in Porch Group, Inc. $PRCH

Key Points

• Granahan Investment Management boosted its Porch Group stake by 9.4% in Q1, buying over 1.08 million additional shares and making PRCH its second-largest position.
• Porch Group beat earnings expectations for the quarter, reporting a smaller-than-expected loss of $0.04 per share and revenue of $109.44 million versus the $94.72 million consensus.
• Wall Street sentiment is mixed but constructive, with analysts assigning a “Moderate Buy” consensus and an average price target of $18.54, while insiders have recently sold shares for tax-withholding purposes.

Granahan Investment Management LLC increased its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 9.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,674,987 shares of the company's stock after buying an additional 1,084,559 shares during the quarter. Porch Group makes up 4.4% of Granahan Investment Management LLC's holdings, making the stock its 2nd biggest position. Granahan Investment Management LLC owned about 9.92% of Porch Group worth $90,880,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in PRCH. Larson Financial Group LLC grew its position in shares of Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after acquiring an additional 1,499 shares during the period. Osbon Capital Management LLC bought a new stake in Porch Group in the fourth quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd lifted its position in shares of Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock valued at $27,000 after buying an additional 1,481 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Porch Group during the 4th quarter worth approximately $38,000. Finally, State of Wyoming bought a new position in shares of Porch Group during the 2nd quarter worth approximately $111,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Stock Performance

Shares of NASDAQ PRCH opened at $11.84 on Friday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -69.64 and a beta of 3.13. The stock's fifty day moving average price is $12.07 and its two-hundred day moving average price is $9.55. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PRCH shares. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $16.25 price target (up from $13.00) on shares of Porch Group in a report on Monday, July 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Porch Group in a report on Friday, May 22nd. Benchmark raised their target price on shares of Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Stephens initiated coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Porch Group has an average rating of "Moderate Buy" and a consensus target price of $18.54.

Insider Transactions at Porch Group

In other Porch Group news, CEO Matt Ehrlichman sold 124,089 shares of Porch Group stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31. Following the completion of the sale, the chief executive officer owned 16,564,822 shares in the company, valued at $162,169,607.38. The trade was a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 64,274 shares of Porch Group stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $9.79, for a total transaction of $629,242.46. Following the completion of the sale, the chief operating officer owned 2,297,724 shares of the company's stock, valued at $22,494,717.96. This trade represents a 2.72% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 1,397,856 shares of company stock worth $14,158,387. 27.78% of the stock is owned by insiders.

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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