Two Sigma Investments LP Acquires 185,281 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Two Sigma Investments LP lifted its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 1,564.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 197,127 shares of the company's stock after acquiring an additional 185,281 shares during the quarter. Two Sigma Investments LP owned approximately 0.16% of Porch Group worth $970,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Granahan Investment Management LLC grew its stake in Porch Group by 19.0% in the fourth 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 in the last quarter. Vanguard Group Inc. increased its holdings in Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock worth $27,117,000 after buying an additional 1,100,224 shares during the last quarter. Portolan Capital Management LLC increased its holdings in Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after buying an additional 1,900,416 shares during the last quarter. Geode Capital Management LLC raised its position in 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. Finally, Renaissance Technologies LLC lifted its stake in Porch Group by 4.2% in the fourth quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company's stock valued at $9,398,000 after acquiring an additional 76,701 shares during the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 10,000 shares of the company's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the completion of the transaction, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Matthew Neagle sold 60,000 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $9.94, for a total value of $596,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,078,080 shares of the company's stock, valued at approximately $10,716,115.20. This trade represents a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 467,328 shares of company stock worth $4,404,523. Company insiders own 23.32% of the company's stock.

Wall Street Analyst Weigh In

PRCH has been the subject of a number of analyst reports. Oppenheimer boosted their price target on Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Loop Capital restated a "buy" rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a report on Wednesday, May 14th. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. 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 report on Wednesday, May 7th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Porch Group currently has a consensus rating of "Buy" and a consensus price target of $8.89.

Porch Group Stock Performance

Shares of PRCH traded up $0.19 during mid-day trading on Tuesday, hitting $11.24. The company's stock had a trading volume of 1,697,058 shares, compared to its average volume of 2,152,209. The stock's 50-day moving average is $7.88 and its two-hundred day moving average is $6.19. The firm has a market capitalization of $1.37 billion, a PE ratio of -16.06 and a beta of 2.63. Porch Group, Inc. has a one year low of $1.05 and a one year high of $12.20.

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

About Porch Group

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.