Legal & General Group Plc Takes $904,000 Position in Porch Group, Inc. $PRCH

Key Points

• Legal & General acquired 60,081 Porch Group shares worth approximately $904,000 in the second quarter. Institutional investors and hedge funds collectively own 48.48% of PRCH.
• Analysts generally remain positive, with five Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $18.42.
• Porch Group beat quarterly expectations, reporting $0.05 EPS versus the projected $0.03 loss and revenue of $131.81 million versus the $122.30 million estimate. CFO Shawn Tabak separately sold 25,000 shares worth $405,250 under a pre-arranged trading plan.

Legal & General Group Plc acquired a new stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 60,081 shares of the company's stock, valued at approximately $904,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRCH. Granahan Investment Management LLC lifted its stake in shares of Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after buying an additional 1,084,559 shares during the last quarter. BlackRock Inc. acquired a new position in Porch Group in the 2nd quarter valued at $128,995,000. Vanguard Group Inc. raised its holdings in Porch Group by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company's stock worth $66,779,000 after acquiring an additional 62,073 shares during the period. Park West Asset Management LLC raised its holdings in Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock worth $46,106,000 after acquiring an additional 2,867,084 shares during the period. Finally, GC Wealth Management RIA LLC bought a new position in Porch Group in the 1st quarter worth $29,230,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on PRCH. B. Riley Financial upped their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Cantor Fitzgerald boosted their price objective on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research note on Thursday, July 30th. Finally, Benchmark raised their target price on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.42.

Porch Group Price Performance

PRCH stock opened at $17.94 on Tuesday. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a market cap of $2.37 billion, a PE ratio of -149.50 and a beta of 3.17. The business's 50-day simple moving average is $15.42 and its 200 day simple moving average is $11.30. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The firm had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. On average, research analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Insider Activity

In related news, CFO Shawn Tabak sold 25,000 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the transaction, the chief financial officer directly owned 215,495 shares in the company, valued at approximately $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 27.78% of the company's stock.

Porch Group Company 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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