Driehaus Capital Management LLC Has $23.39 Million Stock Position in Porch Group, Inc. $PRCH

Key Points

• Driehaus Capital Management LLC has increased its stake in Porch Group, Inc. by 84.6%, now owning approximately 2.67% of the company, valued at $23.39 million.
• Porch Group reported earnings of $0.03 EPS, beating analysts' estimates significantly during its recent earnings release, with quarterly revenue reaching $119.30 million.
• Multiple analysts have recently upgraded Porch Group’s stock rating, with a consensus rating of "Buy" and an average price target of $13.71.

Driehaus Capital Management LLC raised its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 84.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,208,312 shares of the company's stock after acquiring an additional 1,470,580 shares during the period. Driehaus Capital Management LLC owned approximately 2.67% of Porch Group worth $23,389,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PRCH. Raymond James Financial Inc. acquired a new position in Porch Group in the 4th quarter valued at $50,000. Barclays PLC raised its holdings in Porch Group by 10.2% in the 4th quarter. Barclays PLC now owns 148,715 shares of the company's stock valued at $731,000 after acquiring an additional 13,796 shares in the last quarter. MetLife Investment Management LLC acquired a new position in Porch Group in the 4th quarter valued at $245,000. Tower Research Capital LLC TRC raised its holdings in Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after acquiring an additional 5,273 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Porch Group by 22.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company's stock valued at $151,000 after acquiring an additional 5,557 shares in the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Porch Group

In related news, Director Rachel Lam sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total value of $450,400.00. Following the transaction, the director directly owned 182,416 shares in the company, valued at approximately $2,054,004.16. This trade represents a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 120,000 shares of company stock worth $1,436,300 in the last 90 days. Corporate insiders own 23.32% of the company's stock.

Porch Group Price Performance

Shares of Porch Group stock traded up $0.88 on Monday, hitting $16.97. 2,323,191 shares of the company's stock traded hands, compared to its average volume of 2,147,295. Porch Group, Inc. has a one year low of $1.15 and a one year high of $17.38. The company has a fifty day moving average of $13.81 and a two-hundred day moving average of $9.76. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 33.28 and a beta of 2.83.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.16. Porch Group had a negative return on equity of 41.71% and a net margin of 12.82%.The company had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on PRCH shares. Loop Capital reiterated a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark reiterated a "buy" rating and issued a $17.00 price target (up previously from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Oppenheimer lifted their price target on Porch Group from $14.00 to $17.00 and gave the company an "outperform" rating in a research note on Wednesday, August 6th. Zacks Research lowered Porch Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, B. Riley started coverage on Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Porch Group currently has an average rating of "Buy" and an average price target of $13.71.

Porch Group Company 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.