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

Millennium Management LLC acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 115,530 shares of the company's stock, valued at approximately $568,000. Millennium Management LLC owned 0.10% of Porch Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRCH. Jefferies Financial Group Inc. acquired a new stake in shares of Porch Group in the fourth quarter valued at about $4,135,000. Granahan Investment Management LLC raised its position in Porch Group by 19.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after purchasing an additional 1,897,816 shares during the last quarter. G2 Investment Partners Management LLC acquired a new position in Porch Group during the 4th quarter worth $2,752,000. D. E. Shaw & Co. Inc. lifted its position in Porch Group by 22.6% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 771,233 shares of the company's stock valued at $3,794,000 after purchasing an additional 142,146 shares during the period. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Porch Group during the fourth quarter worth $8,550,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PRCH shares. Oppenheimer lifted their target price on Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Stephens lifted their target price 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 restated a "buy" rating and set a $13.00 price objective (up from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods upped their price objective on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Finally, Benchmark upped their target price on shares of Porch Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Porch Group presently has an average rating of "Buy" and an average target price of $8.89.

Insider Transactions at Porch Group

In other news, COO Matthew Neagle sold 60,000 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the sale, the chief operating officer now directly owns 1,384,057 shares of the company's stock, valued at approximately $8,636,515.68. The trade was a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 in the company, valued at approximately $1,167,217.20. This represents a 4.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 467,328 shares of company stock worth $4,404,523 over the last quarter. 23.32% of the stock is currently owned by insiders.

Porch Group Trading Down 1.4%

Shares of NASDAQ:PRCH traded down $0.16 during mid-day trading on Thursday, reaching $11.26. The stock had a trading volume of 1,183,158 shares, compared to its average volume of 2,154,484. The company has a market cap of $1.37 billion, a P/E ratio of -16.09 and a beta of 2.63. Porch Group, Inc. has a 1 year low of $1.05 and a 1 year high of $12.20. The business's 50 day moving average price is $7.99 and its 200 day moving average price is $6.23.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The company had revenue of $104.75 million for the quarter, compared to analysts' expectations of $79.44 million. Analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal 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.