Vanguard Group Inc. Purchases 312,370 Shares of Porch Group, Inc. $PRCH

Key Points

• The Vanguard Group Inc. increased its position in Porch Group, Inc. by 5.7% during the first quarter, now owning 5,823,961 shares valued at approximately $42.5 million.
• Shares of Porch Group are currently trading at $16.39 with a market capitalization of $2.01 billion, experiencing a 1.4% decline.
• Porch Group recently reported earnings of $0.03 per share, significantly beating the consensus estimate, and had revenue of $119.3 million for the quarter.

Vanguard Group Inc. boosted its position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 5.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,823,961 shares of the company's stock after purchasing an additional 312,370 shares during the quarter. Vanguard Group Inc. owned about 4.85% of Porch Group worth $42,457,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Granahan Investment Management LLC boosted its holdings in shares of Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock valued at $58,507,000 after acquiring an additional 1,897,816 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in Porch Group during the 4th quarter worth approximately $8,550,000. Jefferies Financial Group Inc. bought a new stake in shares of Porch Group during the fourth quarter valued at approximately $4,135,000. D. E. Shaw & Co. Inc. raised its position in shares of Porch Group by 22.6% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 771,233 shares of the company's stock valued at $3,794,000 after buying an additional 142,146 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Porch Group by 5.3% during the fourth quarter. Northern Trust Corp now owns 693,800 shares of the company's stock valued at $3,413,000 after buying an additional 35,164 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company's stock.

Wall Street Analysts Forecast Growth

PRCH has been the topic of several research reports. Oppenheimer boosted their price target on shares of Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 6th. Zacks Research cut shares of Porch Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Cantor Fitzgerald upgraded shares of Porch Group to a "strong-buy" rating in a research report on Friday, August 15th. Loop Capital restated a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $13.71.

Porch Group Trading Down 1.1%

Shares of PRCH traded down $0.18 during trading hours on Thursday, reaching $16.09. 1,715,716 shares of the company traded hands, compared to its average volume of 2,150,884. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 31.55 and a beta of 2.72. Porch Group, Inc. has a 12-month low of $1.15 and a 12-month high of $17.38. The stock's fifty day moving average price is $13.56 and its 200 day moving average price is $9.52.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its earnings results 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 firm had revenue of $119.30 million during the quarter, compared to analyst estimates of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. On average, research analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 30,000 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $11.23, for a total value of $336,900.00. Following the completion of the transaction, the chief financial officer directly owned 172,671 shares in the company, valued at approximately $1,939,095.33. The trade was a 14.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lam sold 25,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the transaction, the director owned 177,991 shares of the company's stock, valued at $2,707,243.11. This represents a 12.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 120,000 shares of company stock valued at $1,436,300 over the last three months. 23.32% of the stock is owned by company insiders.

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.