Harbor Capital Advisors Inc. Acquires 158,368 Shares of Porch Group, Inc. $PRCH

Key Points

• Harbor Capital Advisors increased its stake in Porch Group (NASDAQ:PRCH) by 68.9% in Q4, buying 158,368 shares to hold 388,299 shares (about $3.545 million or ~0.31% of the company) after the quarter.
• Wall Street sentiment is mixed but positive on average, with a consensus rating of "Moderate Buy", seven Buy ratings, one Hold and one Sell, and an average price target of $17.21.
• Company insiders sold stock recently — CEO Matt Ehrlichman sold 6,988 shares and COO Matthew Neagle sold 8,446 shares at about $6.98 each — though insiders still own 23.32% of the company.

Harbor Capital Advisors Inc. increased its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 68.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 388,299 shares of the company's stock after purchasing an additional 158,368 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.31% of Porch Group worth $3,545,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd lifted its position in Porch Group by 956.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company's stock worth $26,000 after buying an additional 1,377 shares in the last quarter. Larson Financial Group LLC grew its holdings 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 in the last quarter. RiverPark Advisors LLC bought a new position in shares of Porch Group in the 3rd quarter valued at about $39,000. State of Alaska Department of Revenue acquired a new stake in shares of Porch Group in the third quarter valued at about $80,000. Finally, State of Wyoming acquired a new stake in shares of Porch Group in the second quarter valued at about $111,000. Institutional investors own 48.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings restated a "sell (d+)" rating on shares of Porch Group in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised Porch Group from a "market perform" rating to an "outperform" rating and cut their price objective for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Benchmark reissued a "buy" rating on shares of Porch Group in a research note on Friday, January 16th. Finally, Zacks Research upgraded shares of Porch Group from a "strong sell" rating to a "hold" rating in a report on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $17.21.

Porch Group Stock Performance

Porch Group stock opened at $7.51 on Friday. The stock has a 50-day simple moving average of $7.67 and a 200 day simple moving average of $10.57. The stock has a market capitalization of $934.69 million, a P/E ratio of -150.20 and a beta of 3.09. The company has a debt-to-equity ratio of 17.20, a quick ratio of 1.30 and a current ratio of 1.30. Porch Group, Inc. has a 52 week low of $4.64 and a 52 week high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05. Porch Group had a negative return on equity of 51.86% and a negative net margin of 0.72%.The firm had revenue of $112.25 million for the quarter, compared to analyst estimates of $109.13 million. Analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Matt Ehrlichman sold 6,988 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $6.98, for a total value of $48,776.24. Following the sale, the chief executive officer owned 17,203,688 shares in the company, valued at approximately $120,081,742.24. This represents a 0.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Matthew Neagle sold 8,446 shares of the firm's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $6.98, for a total value of $58,953.08. Following the sale, the chief operating officer directly owned 2,626,286 shares of the company's stock, valued at $18,331,476.28. This represents a 0.32% decrease in their position. The SEC filing for this sale provides additional information. 23.32% of the stock is currently owned by 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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