HighTower Advisors LLC Purchases Shares of 134,842 Porch Group, Inc. $PRCH

Key Points

• HighTower Advisors LLC acquired 134,842 shares of Porch Group, Inc., valued at approximately $983,000, representing about 0.11% of the company's stock.
• Porch Group received a consensus rating of "Buy" from analysts, with a target price of $13.71 following positive earnings results that exceeded expectations.
• Insider activity includes significant sales, with over 120,000 shares sold by insiders in the last three months, indicating a decrease in ownership among top executives.

HighTower Advisors LLC acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 134,842 shares of the company's stock, valued at approximately $983,000. HighTower Advisors LLC owned about 0.11% of Porch Group as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PRCH. Wells Fargo & Company MN raised its holdings in Porch Group by 756.9% in the 4th quarter. Wells Fargo & Company MN now owns 205,780 shares of the company's stock valued at $1,012,000 after acquiring an additional 181,766 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Porch Group in the 4th quarter valued at approximately $50,000. Barclays PLC raised its holdings in Porch Group by 10.2% in the 4th quarter. Barclays PLC now owns 148,715 shares of the company's stock valued at $731,000 after acquiring an additional 13,796 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Porch Group in the 4th quarter valued at approximately $245,000. Finally, Tower Research Capital LLC TRC raised its holdings in Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after acquiring an additional 5,273 shares in the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.

Insider Buying and Selling

In related news, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following the sale, the director owned 177,991 shares of the company's stock, valued at approximately $2,707,243.11. This trade represents a 12.32% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alan R. Pickerill sold 40,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total value of $450,400.00. Following the sale, the director directly owned 182,416 shares in the company, valued at $2,054,004.16. The trade was a 17.98% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 120,000 shares of company stock valued at $1,436,300. 23.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Loop Capital reaffirmed a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. 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 target on the stock. Oppenheimer increased their price target on Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Benchmark restated a "buy" rating and set a $17.00 price target (up from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. Finally, Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $13.71.

Porch Group Trading Up 5.5%

Shares of NASDAQ:PRCH traded up $0.88 during midday trading on Friday, hitting $16.97. The company had a trading volume of 2,323,191 shares, compared to its average volume of 2,151,181. Porch Group, Inc. has a 12 month low of $1.15 and a 12 month high of $17.38. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of 33.28 and a beta of 2.72. The firm has a fifty day simple moving average of $13.68 and a 200 day simple moving average of $9.60.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly 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. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%.The business had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. Equities analysts forecast that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Porch Group Company 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.