Hennessy Advisors Inc. Makes New $19.61 Million Investment in Porch Group, Inc. $PRCH

Key Points

• Hennessy Advisors Inc. has made a new investment of approximately $19.61 million in Porch Group, acquiring 1,663,000 shares and owning about 1.37% of the company as of the last quarter.
• Porch Group's recent quarterly earnings report showed an EPS of $0.03, exceeding expectations significantly, with revenue of $119.30 million, surpassing the consensus estimate.
• Equities analysts have mixed ratings on Porch Group, with a range of price targets from $16.00 to $25.00, indicating varied expectations regarding the stock's future performance.

Hennessy Advisors Inc. acquired a new position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,663,000 shares of the company's stock, valued at approximately $19,607,000. Hennessy Advisors Inc. owned approximately 1.37% of Porch Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock valued at $352,000 after acquiring an additional 2,002 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Porch Group by 23.7% during the first quarter. GAMMA Investing LLC now owns 12,522 shares of the company's stock valued at $91,000 after acquiring an additional 2,397 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Porch Group by 5.6% during the first quarter. Deutsche Bank AG now owns 53,845 shares of the company's stock valued at $393,000 after acquiring an additional 2,872 shares in the last quarter. FNY Investment Advisers LLC bought a new position in shares of Porch Group during the first quarter valued at $29,000. Finally, CWM LLC increased its holdings in shares of Porch Group by 112.2% during the first quarter. CWM LLC now owns 8,732 shares of the company's stock valued at $64,000 after acquiring an additional 4,617 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors.

Porch Group Stock Performance

NASDAQ PRCH opened at $17.02 on Friday. Porch Group, Inc. has a one year low of $1.26 and a one year high of $19.44. The stock has a 50-day moving average of $16.35 and a 200 day moving average of $11.70. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 33.37 and a beta of 2.87.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.16. The company had revenue of $119.30 million during the quarter, compared to the consensus estimate 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. On average, equities analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PRCH shares. Zacks Research downgraded 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 report on Tuesday, September 2nd. They set a "buy" rating and a $21.00 price target for the company. Keefe, Bruyette & Woods raised their price target on Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a report on Wednesday, August 13th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 price objective on shares of Porch Group in a report on Tuesday, September 2nd. Finally, Oppenheimer reiterated an "outperform" rating and issued a $25.00 price objective (up from $17.00) on shares of Porch Group in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $16.56.

Insider Buying and Selling at Porch Group

In related news, Director Amanda L. Reierson sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $17.67, for a total value of $883,500.00. Following the transaction, the director owned 151,375 shares of the company's stock, valued at approximately $2,674,796.25. This trade represents a 24.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Regi Vengalil sold 40,000 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $18.20, for a total transaction of $728,000.00. Following the completion of the transaction, the director directly owned 165,903 shares in the company, valued at approximately $3,019,434.60. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 170,000 shares of company stock worth $3,019,700. 23.32% of the stock is owned by corporate insiders.

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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