Porch Group, Inc. $PRCH Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP cut its Porch Group stake by 60.5% in the first quarter, selling 206,157 shares and retaining 134,335 shares worth approximately $963,000. Other institutional investors increased their holdings, while institutions collectively owned 48.48% of the company.
• Porch Group insiders sold shares valued at nearly $5 million over the past 90 days, including sales by the CEO and COO to cover tax obligations tied to vested equity awards. Corporate insiders still owned 27.78% of the stock.
• Analysts maintained a generally positive view, with six Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and an average price target of $18.79. The company also beat quarterly estimates, reporting $0.05 EPS versus an expected loss of $0.03 and revenue of $131.81 million.

First Trust Advisors LP lowered its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 60.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 134,335 shares of the company's stock after selling 206,157 shares during the quarter. First Trust Advisors LP owned approximately 0.11% of Porch Group worth $963,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its position in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock worth $63,681,000 after acquiring an additional 3,103,018 shares in the last quarter. Park West Asset Management LLC raised its position in shares of Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock worth $46,106,000 after acquiring an additional 2,867,084 shares in the last quarter. Granahan Investment Management LLC lifted its stake in Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Porch Group by 264.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company's stock worth $9,899,000 after purchasing an additional 786,583 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in Porch Group in the third quarter valued at approximately $12,747,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Insiders Place Their Bets

In other Porch Group news, CEO Matt Ehrlichman sold 120,368 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $1,177,199.04. Following the sale, the chief executive officer owned 15,972,080 shares of the company's stock, valued at approximately $156,206,942.40. This represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 62,344 shares of Porch Group stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $609,724.32. Following the transaction, the chief operating officer directly owned 1,990,705 shares of the company's stock, valued at $19,469,094.90. This trade represents a 3.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 463,792 shares of company stock worth $4,972,988. 27.78% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald boosted their price objective on shares of Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Benchmark increased their target price on shares of Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Stephens initiated coverage on shares of Porch Group in a research report on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a report on Thursday, July 30th. Finally, B. Riley Financial upped their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Porch Group presently has an average rating of "Moderate Buy" and a consensus target price of $18.79.

Porch Group Stock Down 2.6%

PRCH stock opened at $15.43 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The company's 50-day moving average price is $13.09 and its 200 day moving average price is $9.98. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The company has a market cap of $2.03 billion, a P/E ratio of -128.58 and a beta of 3.15.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The company had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. On average, research analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Porch Group Company Profile

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source