JPMorgan Chase & Co. Raises Stake in Porch Group, Inc. (NASDAQ:PRCH)

JPMorgan Chase & Co. grew its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 225.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 730,340 shares of the company's stock after purchasing an additional 505,660 shares during the quarter. JPMorgan Chase & Co. owned about 0.61% of Porch Group worth $3,593,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PRCH. State Street Corp raised its holdings in Porch Group by 7.4% in the third quarter. State Street Corp now owns 1,667,493 shares of the company's stock worth $2,560,000 after purchasing an additional 115,176 shares in the last quarter. Barclays PLC grew its holdings in Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company's stock worth $207,000 after purchasing an additional 108,748 shares during the period. Geode Capital Management LLC increased its stake in shares of Porch Group by 8.9% during the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company's stock valued at $3,052,000 after purchasing an additional 163,133 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Porch Group in the 3rd quarter worth approximately $238,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Porch Group in the 4th quarter worth approximately $50,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Trading Up 2.3 %

PRCH stock traded up $0.13 during trading on Friday, reaching $5.62. The stock had a trading volume of 453,008 shares, compared to its average volume of 1,838,982. Porch Group, Inc. has a 52 week low of $1.05 and a 52 week high of $8.49. The firm has a market cap of $674.16 million, a PE ratio of -8.02 and a beta of 2.15. The stock's 50 day moving average is $5.97 and its two-hundred day moving average is $4.58.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 10,000 shares of the firm's stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total value of $53,400.00. Following the transaction, the chief financial officer now directly owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. This trade represents a 4.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Matthew Neagle sold 60,000 shares of Porch Group stock in a transaction on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares in the company, valued at $8,636,515.68. This trade represents a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 205,554 shares of company stock valued at $1,273,590. 23.46% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price target on Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Oppenheimer increased their price target on shares of Porch Group from $7.00 to $8.00 and gave the company an "outperform" rating in a report on Wednesday, February 26th. Benchmark boosted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. Stephens increased their target price on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Finally, Loop Capital upgraded Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target for the company in a research note on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $7.32.

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.