Progeny 3 Inc. Takes Position in Porch Group, Inc. (NASDAQ:PRCH)

Progeny 3 Inc. acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 68,830 shares of the company's stock, valued at approximately $339,000. Progeny 3 Inc. owned approximately 0.06% of Porch Group at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PRCH. Nisa Investment Advisors LLC boosted its holdings 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 worth $33,000 after buying an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in Porch Group during the fourth quarter worth about $35,000. Rik Saylor Financial Inc. purchased a new stake in shares of Porch Group in the fourth quarter valued at about $49,000. Raymond James Financial Inc. acquired a new stake in shares of Porch Group in the fourth quarter valued at approximately $50,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Porch Group in the fourth quarter valued at approximately $51,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 10,000 shares of the firm's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total value of $53,400.00. Following the transaction, the chief financial officer now 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 legal filing with the SEC, which is available at this link. Also, COO Matthew Neagle sold 250,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.23, for a total transaction of $2,557,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,198,080 shares in the company, valued at approximately $12,256,358.40. This represents a 17.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 455,554 shares of company stock valued at $3,831,090 over the last quarter. Company insiders own 23.46% of the company's stock.

Porch Group Stock Performance

NASDAQ PRCH traded up $0.76 during mid-day trading on Friday, reaching $10.78. 2,538,004 shares of the stock were exchanged, compared to its average volume of 2,038,424. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $11.35. The business's fifty day simple moving average is $6.78 and its 200 day simple moving average is $5.35. The stock has a market capitalization of $1.29 billion, a PE ratio of -15.40 and a beta of 2.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The firm had revenue of $104.75 million for the quarter, compared to analyst estimates of $79.44 million. On average, analysts anticipate that Porch Group, Inc. will post -0.63 EPS for the current year.

Analysts Set New Price Targets

PRCH has been the topic of several research reports. Loop Capital reiterated a "buy" rating and issued a $13.00 price target (up from $6.00) on shares of Porch Group in a research report on Wednesday. Benchmark increased their price target 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. Oppenheimer increased their price target 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. Keefe, Bruyette & Woods increased their price target 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. Finally, Stephens increased 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. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company 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.