Informed Momentum Co LLC Grows Stock Holdings in Porch Group, Inc. (NASDAQ:PRCH)

Key Points

• Informed Momentum Co LLC increased its holdings in Porch Group, Inc. by 209.2% in Q1, owning 603,891 shares valued at approximately $4.4 million.
• Several institutional investors, including Granahan Investment Management and Vanguard Group, have also significantly increased their positions in Porch Group, indicating growing investor confidence.
• Analysts have issued positive ratings for Porch Group, with a current average target price of $12.43 and most analysts rating the stock as a "buy".

Informed Momentum Co LLC grew its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 209.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 603,891 shares of the company's stock after purchasing an additional 408,574 shares during the period. Porch Group makes up approximately 0.8% of Informed Momentum Co LLC's holdings, making the stock its 28th largest position. Informed Momentum Co LLC owned approximately 0.50% of Porch Group worth $4,402,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PRCH. Granahan Investment Management LLC increased its position in shares of Porch Group by 19.0% during the fourth quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Porch Group by 5.7% during the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock valued at $42,457,000 after acquiring an additional 312,370 shares in the last quarter. Invesco Ltd. increased its position in shares of Porch Group by 72.2% during the first quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock valued at $21,114,000 after acquiring an additional 1,213,951 shares in the last quarter. Portolan Capital Management LLC increased its position in shares of Porch Group by 476.0% during the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock valued at $11,314,000 after acquiring an additional 1,900,416 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Porch Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company's stock valued at $9,905,000 after acquiring an additional 24,824 shares in the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PRCH shares. Benchmark reaffirmed a "buy" rating and issued a $17.00 target price (up previously from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. Loop Capital reissued a "buy" rating and set a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. B. Riley began coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price objective for the company. Oppenheimer boosted their price objective on shares of Porch Group from $14.00 to $17.00 and gave the company an "outperform" rating in a research report on Wednesday, August 6th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Porch Group presently has an average rating of "Buy" and an average target price of $12.43.

Insider Activity

In related news, Director Alan R. Pickerill sold 40,000 shares of Porch Group stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.26, for a total transaction of $450,400.00. Following the transaction, the director owned 182,416 shares in the company, valued at approximately $2,054,004.16. The trade was a 17.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rachel Lam sold 25,000 shares of Porch Group stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total transaction of $380,250.00. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 240,000 shares of company stock worth $2,664,500 in the last quarter. Corporate insiders own 23.32% of the company's stock.

Porch Group Stock Performance

PRCH opened at $14.89 on Tuesday. Porch Group, Inc. has a fifty-two week low of $1.09 and a fifty-two week high of $17.38. The firm's fifty day moving average is $12.22 and its 200 day moving average is $8.55. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 29.20 and a beta of 2.72.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share 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 company had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. On average, equities research analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current year.

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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