Millennium Management LLC Buys Shares of 115,530 Porch Group, Inc. (NASDAQ:PRCH)

Millennium Management LLC bought a new stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 115,530 shares of the company's stock, valued at approximately $568,000. Millennium Management LLC owned about 0.10% of Porch Group as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Rhumbline Advisers boosted its holdings in Porch Group by 30.4% in the fourth quarter. Rhumbline Advisers now owns 77,277 shares of the company's stock valued at $380,000 after purchasing an additional 18,024 shares during the last quarter. D.A. Davidson & CO. acquired a new position in shares of Porch Group in the 4th quarter valued at about $810,000. Jones Financial Companies Lllp purchased a new stake in shares of Porch Group in the fourth quarter worth about $35,000. Charles Schwab Investment Management Inc. grew its holdings in Porch Group by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 248,200 shares of the company's stock worth $1,221,000 after acquiring an additional 11,849 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Porch Group during the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Porch Group Stock Performance

Shares of NASDAQ:PRCH traded up $0.19 during trading on Monday, reaching $11.05. The stock had a trading volume of 2,320,284 shares, compared to its average volume of 2,148,137. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $12.20. The stock has a market cap of $1.34 billion, a PE ratio of -15.79 and a beta of 2.63. The business has a fifty day moving average price of $7.70 and a 200-day moving average price of $6.10.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to analyst estimates of $79.44 million. Sell-side analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PRCH. Keefe, Bruyette & Woods upped their price target on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a report on Wednesday, May 7th. Stephens boosted their price objective on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Loop Capital reiterated a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Oppenheimer lifted their price target on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Finally, Benchmark upped their price objective on shares of Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Porch Group currently has a consensus rating of "Buy" and an average price target of $8.89.

Insider Activity

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. The trade was a 4.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Shawn Tabak sold 10,000 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the sale, the chief financial officer now directly owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. This trade represents a 4.37% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 467,328 shares of company stock valued at $4,404,523. 23.32% of the stock is currently owned by 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.