Harbor Capital Advisors Inc. Sells 1,233,370 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Harbor Capital Advisors Inc. lowered its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 48.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,319,242 shares of the company's stock after selling 1,233,370 shares during the period. Harbor Capital Advisors Inc. owned 1.10% of Porch Group worth $9,617,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Rhumbline Advisers raised its holdings in Porch Group by 28.7% in the first quarter. Rhumbline Advisers now owns 99,436 shares of the company's stock worth $725,000 after purchasing an additional 22,159 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Porch Group by 801.6% in the 1st quarter. GAMMA Investing LLC now owns 91,285 shares of the company's stock worth $665,000 after buying an additional 81,160 shares during the period. Moody National Bank Trust Division increased its stake in shares of Porch Group by 24.2% in the 1st quarter. Moody National Bank Trust Division now owns 548,902 shares of the company's stock worth $4,001,000 after acquiring an additional 107,102 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in Porch Group during the 4th quarter valued at about $4,135,000. Finally, Squarepoint Ops LLC bought a new stake in Porch Group during the fourth quarter worth about $57,000. 48.48% of the stock is currently owned by institutional investors.

Porch Group Stock Performance

Shares of NASDAQ PRCH traded down $0.17 during midday trading on Thursday, hitting $11.25. 843,919 shares of the company's stock traded hands, compared to its average volume of 2,603,448. The firm has a fifty day moving average of $7.99 and a 200 day moving average of $6.23. Porch Group, Inc. has a 1 year low of $1.05 and a 1 year high of $12.20. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of -16.07 and a beta of 2.63.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.09. The firm had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. On average, equities analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their target price 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. Stephens increased their price objective on shares of 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 reaffirmed 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. Oppenheimer increased their price target on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a report on Wednesday, May 7th. Finally, Benchmark raised their price target on shares of Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. One 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, the company presently has a consensus rating of "Buy" and a consensus price target of $8.89.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 10,000 shares of Porch Group stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total value of $53,400.00. Following the sale, the chief financial officer now directly owns 218,580 shares in the company, valued at approximately $1,167,217.20. The trade was a 4.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Matthew Neagle sold 60,000 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total transaction of $596,400.00. Following the transaction, the chief operating officer now directly owns 1,078,080 shares of the company's stock, valued at $10,716,115.20. This trade represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold 467,328 shares of company stock worth $4,404,523 in the last three months. 23.32% of the stock is owned by company 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.