Harbor Capital Advisors Inc. Sells 210,332 Shares of Porch Group, Inc. $PRCH

Key Points

• Harbor Capital Advisors Inc. reduced its holdings in Porch Group, Inc. by 15.9%, selling 210,332 shares during the 2nd quarter, leaving them with 1,108,910 shares valued at approximately $13 million.
• Analyst ratings for Porch Group show a consensus rating of "Moderate Buy" with a price target of $15.67, complemented by several recent price target increases from firms like Keefe, Bruyette & Woods and Benchmark.
• Insiders have sold a total of 120,000 shares over the last three months, with notable sales from Director Rachel Lam and COO Matthew Neagle, impacting their ownership in the company.

Harbor Capital Advisors Inc. lessened its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 15.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,108,910 shares of the company's stock after selling 210,332 shares during the quarter. Harbor Capital Advisors Inc. owned 0.91% of Porch Group worth $13,074,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of PRCH. Monashee Investment Management LLC purchased a new position in shares of Porch Group in the 1st quarter worth about $11,300,000. Driehaus Capital Management LLC increased its holdings in Porch Group by 84.6% in the 1st quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company's stock worth $23,389,000 after buying an additional 1,470,580 shares in the last quarter. Invesco Ltd. increased its holdings in Porch Group by 72.2% in the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after buying an additional 1,213,951 shares in the last quarter. Jefferies Financial Group Inc. bought a new stake in Porch Group in the 4th quarter worth about $4,135,000. Finally, Acadian Asset Management LLC increased its holdings in Porch Group by 92.5% in the 1st quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company's stock worth $11,800,000 after buying an additional 778,240 shares in the last quarter. Hedge funds and other institutional investors own 48.48% of the company's stock.

Insider Buying and Selling

In related news, Director Regi Vengalil sold 40,000 shares of the business's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $18.20, for a total transaction of $728,000.00. Following the completion of the transaction, the director directly owned 165,903 shares in the company, valued at approximately $3,019,434.60. The trade was a 19.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Amanda L. Reierson sold 50,000 shares of the business's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $17.67, for a total value of $883,500.00. Following the transaction, the director owned 151,375 shares of the company's stock, valued at approximately $2,674,796.25. This trade represents a 24.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 170,000 shares of company stock valued at $3,019,700. Insiders own 23.32% of the company's stock.

Porch Group Price Performance

Shares of NASDAQ:PRCH traded up $0.77 during mid-day trading on Thursday, reaching $18.86. 2,742,922 shares of the company traded hands, compared to its average volume of 2,423,626. The company's 50 day moving average price is $15.26 and its 200-day moving average price is $10.76. The firm has a market cap of $2.31 billion, a PE ratio of 36.98 and a beta of 2.84. Porch Group, Inc. has a 52 week low of $1.26 and a 52 week high of $19.22.

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

Analysts Set New Price Targets

PRCH has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and issued a $20.00 price objective on shares of Porch Group in a report on Tuesday, September 2nd. Zacks Research downgraded Porch Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 21st. Benchmark lifted their price objective on Porch Group from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, September 10th. Oppenheimer lifted their price objective on Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group initiated coverage on Porch Group in a report on Tuesday, September 2nd. They issued a "buy" rating and a $21.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.67.

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.