Granahan Investment Management LLC Buys 1,897,816 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Granahan Investment Management LLC increased its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 19.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,891,581 shares of the company's stock after acquiring an additional 1,897,816 shares during the period. Porch Group makes up 2.4% of Granahan Investment Management LLC's portfolio, making the stock its 7th biggest position. Granahan Investment Management LLC owned approximately 9.95% of Porch Group worth $58,507,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its stake 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 buying an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp bought a new stake in Porch Group during the fourth quarter worth approximately $35,000. Rik Saylor Financial Inc. bought a new position in shares of Porch Group in the fourth quarter valued at $49,000. Raymond James Financial Inc. bought a new stake in shares of Porch Group during the 4th quarter worth $50,000. Finally, GAMMA Investing LLC acquired a new position in shares of Porch Group in the 4th quarter worth $50,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRCH. Loop Capital reissued a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research note on Wednesday. Stephens upped their price target 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. Oppenheimer lifted their price objective on shares of Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 7th. Benchmark increased their target price on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Finally, Keefe, Bruyette & Woods raised their price objective on Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Porch Group has a consensus rating of "Buy" and an average price target of $8.89.

Porch Group Stock Down 7.0%

Shares of NASDAQ PRCH traded down $0.76 during trading hours on Thursday, hitting $10.03. The company had a trading volume of 1,731,994 shares, compared to its average volume of 2,558,043. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $11.35. The firm's 50 day moving average is $6.59 and its 200-day moving average is $5.22. The stock has a market capitalization of $1.20 billion, a P/E ratio of -14.33 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, beating analysts' consensus estimates of ($0.07) by $0.09. The firm had revenue of $104.75 million during the quarter, compared to analyst estimates of $79.44 million. On average, sell-side analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current year.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the completion of the transaction, the chief operating officer now directly owns 1,384,057 shares of the company's stock, valued at $8,636,515.68. The trade was a 4.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now owns 179,613 shares in the company, valued at approximately $1,086,658.65. This trade represents a 37.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 455,554 shares of company stock valued at $3,831,090 over the last ninety days. 23.46% of the stock is currently owned by company insiders.

Porch Group Company 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.