Moody National Bank Trust Division Grows Position in Porch Group, Inc. $PRCH

Key Points

• Moody National Bank Trust Division increased its holdings in Porch Group, Inc. by 10.4%, acquiring an additional 57,144 shares during the 2nd quarter, which now represents 0.7% of its investment portfolio.
• Porch Group's quarterly earnings show that it reported $0.03 earnings per share, significantly beating the consensus estimate of ($0.13), with revenue of $119.30 million for the quarter.
• Several research analysts have recently set new target prices for Porch Group stock, with Goldman Sachs issuing a "buy" rating and a $21.00 price objective, while others have given an average price target of $15.67.

Moody National Bank Trust Division raised its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 10.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 606,046 shares of the company's stock after buying an additional 57,144 shares during the period. Porch Group comprises about 0.7% of Moody National Bank Trust Division's investment portfolio, making the stock its 27th biggest position. Moody National Bank Trust Division owned 0.50% of Porch Group worth $7,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. FNY Investment Advisers LLC bought a new position in Porch Group in the first quarter valued at $29,000. Ameriprise Financial Inc. purchased a new position in shares of Porch Group in the 4th quarter worth about $51,000. Squarepoint Ops LLC bought a new position in shares of Porch Group during the 4th quarter valued at about $57,000. BNP Paribas Financial Markets purchased a new position in shares of Porch Group during the 4th quarter valued at about $62,000. Finally, CWM LLC lifted its position in Porch Group by 112.2% in the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock worth $64,000 after buying an additional 4,617 shares during the last quarter. 48.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

PRCH has been the subject of several research reports. Oppenheimer upped their target price on Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 6th. Zacks Research cut shares of Porch Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. B. Riley initiated coverage on shares of Porch Group in a report on Tuesday, July 1st. They set a "buy" rating and a $15.00 target price on the stock. The Goldman Sachs Group assumed coverage on shares of Porch Group in a research note on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 price target for the company. Finally, Keefe, Bruyette & Woods raised their price objective on Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $15.67.

Insider Buying and Selling

In other news, COO Matthew Neagle sold 55,000 shares of the firm's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total transaction of $1,027,950.00. Following the completion of the transaction, the chief operating officer directly owned 999,784 shares in the company, valued at $18,685,962.96. This trade represents a 5.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rachel Lam sold 25,000 shares of Porch Group 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 directly owned 177,991 shares of the company's stock, valued at approximately $2,707,243.11. This represents a 12.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 170,000 shares of company stock valued at $3,019,700 over the last ninety days. Insiders own 23.32% of the company's stock.

Porch Group Price Performance

Shares of NASDAQ:PRCH remained flat at $18.86 during trading on Friday. The stock had a trading volume of 4,171,360 shares, compared to its average volume of 2,210,470. The company has a market cap of $2.31 billion, a P/E ratio of 36.98 and a beta of 2.84. The company has a 50 day moving average of $15.50 and a two-hundred day moving average of $10.95. Porch Group, Inc. has a 12-month low of $1.26 and a 12-month high of $19.22.

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, topping analysts' consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million for the quarter, compared to the consensus estimate of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. As a group, equities analysts expect 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.