Hsbc Holdings PLC Makes New Investment in Porch Group, Inc. $PRCH

Key Points

• Hsbc Holdings PLC has invested approximately $106,000 by purchasing 13,827 shares in Porch Group, Inc. during the first quarter.
• Analysts currently have a Moderate Buy rating for Porch Group with an average target price of $15.22, reflecting optimism about its stock performance.
• Porch Group's recent earnings report shows a net margin of 12.82% and a significant revenue of $119.30 million, exceeding analysts' expectations.

Hsbc Holdings PLC purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 13,827 shares of the company's stock, valued at approximately $106,000.

Several other large investors have also recently added to or reduced their stakes in PRCH. Granahan Investment Management LLC raised its holdings in Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after purchasing an additional 1,897,816 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in Porch Group in the fourth quarter valued at about $8,550,000. Invesco Ltd. increased its holdings in Porch Group by 72.2% in the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock valued at $21,114,000 after buying an additional 1,213,951 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in Porch Group in the fourth quarter valued at about $4,135,000. Finally, Nuveen Asset Management LLC increased its holdings in Porch Group by 314.1% in the fourth quarter. Nuveen Asset Management LLC now owns 661,083 shares of the company's stock valued at $3,253,000 after buying an additional 501,425 shares in the last quarter. 48.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PRCH shares. Oppenheimer increased their target price on shares of Porch Group from $14.00 to $17.00 and gave the company an "outperform" rating in a report on Wednesday, August 6th. Loop Capital reissued a "buy" rating and set a $13.00 price objective (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 13th. B. Riley assumed coverage on shares of Porch Group in a research note on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective for the company. Finally, Benchmark reissued a "buy" rating and set a $17.00 price objective (up from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. One research 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. According to data from MarketBeat.com, Porch Group presently has a consensus rating of "Moderate Buy" and an average price target of $15.22.

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 30,000 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $11.23, for a total transaction of $336,900.00. Following the completion of the sale, the chief financial officer directly owned 172,671 shares in the company, valued at $1,939,095.33. This represents a 14.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total value of $380,250.00. Following the completion of the transaction, the director owned 177,991 shares in the company, valued at approximately $2,707,243.11. This trade represents a 12.32% decrease in their ownership of the stock. 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. Company insiders own 23.32% of the company's stock.

Porch Group Stock Performance

NASDAQ PRCH traded down $0.28 during mid-day trading on Tuesday, reaching $18.76. 1,670,534 shares of the stock were exchanged, compared to its average volume of 2,424,532. Porch Group, Inc. has a 1-year low of $1.15 and a 1-year high of $19.22. The business's fifty day simple moving average is $14.48 and its 200 day simple moving average is $10.22. The stock has a market capitalization of $2.30 billion, a PE ratio of 36.79 and a beta of 2.83.

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