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

Key Points

• Granahan Investment Management LLC reduced its stake in Porch Group, Inc. by 1.4%, resulting in ownership of approximately 11,728,584 shares, making it their largest position.
• Other institutional investors also increased their holdings in Porch Group, contributing to 48.48% of the stock being owned by institutional investors.
• Porch Group's stock has shown a significant price fluctuation, with a 12-month low of $1.15 and a high of $18.12, while it recently reported earnings that surpassed analyst estimates.

Granahan Investment Management LLC cut its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,728,584 shares of the company's stock after selling 162,997 shares during the period. Porch Group makes up 4.3% of Granahan Investment Management LLC's holdings, making the stock its largest position. Granahan Investment Management LLC owned approximately 9.77% of Porch Group worth $85,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bosun Asset Management LLC bought a new position in shares of Porch Group in the first quarter valued at $209,000. AQR Capital Management LLC lifted its holdings in Porch Group by 134.7% during the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company's stock valued at $1,653,000 after purchasing an additional 130,166 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in Porch Group by 84.6% during the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock valued at $23,389,000 after purchasing an additional 1,470,580 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in Porch Group during the 1st quarter valued at $923,000. Finally, Ieq Capital LLC acquired a new stake in Porch Group during the 1st quarter valued at $81,000. 48.48% of the stock is owned by institutional investors.

Porch Group Stock Up 0.5%

Shares of PRCH stock opened at $17.83 on Thursday. The company has a 50 day moving average of $14.09 and a 200-day moving average of $9.87. The firm has a market cap of $2.19 billion, a P/E ratio of 34.96 and a beta of 2.84. Porch Group, Inc. has a 12-month low of $1.15 and a 12-month high of $18.12.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.16. The business had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%. Porch Group has set its FY 2025 guidance at EPS. As a group, equities analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.

Insider Activity

In related news, Director Rachel Lam sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total value of $380,250.00. Following the transaction, the director owned 177,991 shares of the company's stock, valued at $2,707,243.11. This represents a 12.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shawn Tabak sold 30,000 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total value of $336,900.00. Following the sale, the chief financial officer owned 172,671 shares of the company's stock, valued at approximately $1,939,095.33. This represents a 14.80% decrease in their position. The disclosure for this sale can be found here. Insiders sold 120,000 shares of company stock valued at $1,436,300 in the last ninety days. Insiders own 23.32% of the company's stock.

Wall Street Analysts Forecast Growth

PRCH has been the topic of several recent research reports. Benchmark reiterated a "buy" rating and set a $17.00 price objective (up previously from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. The Goldman Sachs Group started coverage on Porch Group in a research report on Tuesday. They set a "buy" rating and a $21.00 price objective for the company. B. Riley assumed coverage on Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective for the company. Finally, Keefe, Bruyette & Woods upped their target price on Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a report on Wednesday, August 13th. One 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $15.22.

Porch Group 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.

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