Porch Group, Inc. $PRCH Shares Sold by Moody National Bank Trust Division

Key Points

• Moody National Bank Trust Division reduced its Porch Group stake by 9.5% in the third quarter, selling 62,603 shares and retaining 596,249 shares valued at approximately $9.9 million. Institutional investors collectively own 48.48% of the company.
• Analysts remain broadly positive, with Porch Group receiving a “Moderate Buy” consensus rating and an average price target of $18.75. Recent upgrades included higher targets from B. Riley, Benchmark and Cantor Fitzgerald.
• Porch Group shares traded at $17.17, near their 52-week high of $18.37, after the company beat quarterly earnings expectations with $0.05 EPS and $131.81 million in revenue. However, insiders sold 148,760 shares worth about $2.45 million over the past 90 days.

Moody National Bank Trust Division lessened its stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 9.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 596,249 shares of the company's stock after selling 62,603 shares during the quarter. Porch Group accounts for about 0.7% of Moody National Bank Trust Division's investment portfolio, making the stock its 20th largest position. Moody National Bank Trust Division owned 0.45% of Porch Group worth $9,934,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also bought and sold shares of the company. Granahan Investment Management LLC raised its stake in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after acquiring an additional 1,084,559 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Porch Group in the 2nd quarter valued at $128,995,000. GC Wealth Management RIA LLC acquired a new stake in shares of Porch Group in the 1st quarter valued at $29,230,000. Park West Asset Management LLC bought a new stake in shares of Porch Group in the 2nd quarter worth about $53,194,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company's stock worth $11,040,000 after purchasing an additional 455,817 shares during the last quarter. Institutional investors and hedge funds own 48.48% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Texas Capital upgraded shares of Porch Group to a "strong-buy" rating in a research report on Tuesday, September 22nd. B. Riley Financial lifted their target price on shares of Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Benchmark boosted their target price on Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price target 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, Cantor Fitzgerald lifted their price objective on Porch Group from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.75.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the transaction, the chief financial officer owned 215,495 shares of the company's stock, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Amanda L. Reierson sold 33,135 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $16.46, for a total value of $545,402.10. Following the completion of the transaction, the director owned 134,180 shares in the company, valued at approximately $2,208,602.80. This represents a 19.80% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 148,760 shares of company stock worth $2,451,683. Insiders own 27.78% of the company's stock.

Porch Group Price Performance

Shares of NASDAQ PRCH traded down $0.18 during trading on Tuesday, reaching $17.17. The company had a trading volume of 1,590,823 shares, compared to its average volume of 1,712,542. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $18.37. The business's 50 day moving average price is $16.47 and its 200-day moving average price is $12.53. The stock has a market cap of $2.26 billion, a PE ratio of -143.08 and a beta of 3.18. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate 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 business had revenue of $131.81 million for the quarter, compared to analysts' expectations of $122.30 million. Analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Porch Group Profile

Porch Group, Inc is a vertical software company focused on the home services industry. Through its technology platforms and related services, the company helps home-service businesses manage operations, attract customers, improve workflow efficiency and support transactions connected with buying, selling, maintaining and moving into homes.

Porch Group's products and services have included customer relationship management, marketing and lead-generation tools, payments, workflow software and other business solutions for contractors and home-service professionals.

Want to see what other hedge funds are holding PRCH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Porch Group, Inc. (NASDAQ:PRCH - Free Report).

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.