The Manufacturers Life Insurance Company Acquires 26,756 Shares of Porch Group, Inc. (NASDAQ:PRCH)

The Manufacturers Life Insurance Company grew its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 101.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,127 shares of the company's stock after buying an additional 26,756 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Porch Group were worth $261,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its position in Porch Group by 5,776.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock valued at $33,000 after purchasing an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp purchased a new position in Porch Group during the fourth quarter valued at approximately $35,000. Rik Saylor Financial Inc. purchased a new position in Porch Group during the fourth quarter valued at approximately $49,000. Raymond James Financial Inc. purchased a new position in Porch Group during the fourth quarter valued at approximately $50,000. Finally, Tower Research Capital LLC TRC grew its position in Porch Group by 91.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after purchasing an additional 5,273 shares in the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Price Performance

Shares of NASDAQ PRCH traded up $0.27 during mid-day trading on Friday, hitting $10.13. The company had a trading volume of 2,971,316 shares, compared to its average volume of 2,096,964. The business's 50-day simple moving average is $7.18 and its 200-day simple moving average is $5.62. Porch Group, Inc. has a 12 month low of $1.05 and a 12 month high of $12.20. The firm has a market cap of $1.22 billion, a P/E ratio of -14.47 and a beta of 2.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The business had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. As a group, sell-side analysts predict that Porch Group, Inc. will post -0.63 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 108,226 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the sale, the chief financial officer now owns 179,613 shares of the company's stock, valued at approximately $1,086,658.65. This trade represents a 37.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Matthew Neagle sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $10.53, for a total transaction of $631,800.00. Following the sale, the chief operating officer now directly owns 1,138,080 shares of the company's stock, valued at approximately $11,983,982.40. The trade was a 5.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 515,554 shares of company stock worth $4,462,890 over the last quarter. Company insiders own 23.46% of the company's stock.

Wall Street Analyst Weigh In

PRCH has been the topic of several recent research reports. Oppenheimer raised their price objective on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a research report on Wednesday, May 7th. Loop Capital reaffirmed a "buy" rating and set a $13.00 price objective (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Stephens raised 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. Finally, Benchmark raised their price objective 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 research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $8.89.

About Porch Group

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.