Driehaus Capital Management LLC Takes Position in Porch Group, Inc. (NASDAQ:PRCH)

Driehaus Capital Management LLC purchased a new position in Porch Group, Inc. (NASDAQ:PRCH) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,737,732 shares of the company’s stock, valued at approximately $8,550,000. Driehaus Capital Management LLC owned approximately 1.45% of Porch Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Portolan Capital Management LLC raised its position in shares of Porch Group by 476.0% in the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after acquiring an additional 1,900,416 shares in the last quarter. Invesco Ltd. raised its holdings in Porch Group by 4,365.6% in the fourth quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock worth $8,277,000 after purchasing an additional 1,644,614 shares in the last quarter. Vanguard Group Inc. lifted its position in Porch Group by 24.9% during the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after buying an additional 1,100,224 shares during the period. JPMorgan Chase & Co. lifted its position in Porch Group by 225.1% during the fourth quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock valued at $3,593,000 after buying an additional 505,660 shares during the period. Finally, Manatuck Hill Partners LLC purchased a new stake in shares of Porch Group in the 4th quarter worth about $1,476,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on PRCH shares. Stephens lifted 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. Benchmark upped their price target on Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Wednesday. Oppenheimer lifted their price objective on Porch Group from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Wednesday. Loop Capital raised Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research note on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $6.00 to $7.00 and gave the stock a “market perform” rating in a research note on Wednesday. One investment 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 stock. According to data from MarketBeat.com, Porch Group presently has a consensus rating of “Buy” and a consensus target price of $7.89.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 10,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the sale, the chief financial officer now directly owns 218,580 shares in the company, valued at $1,167,217.20. The trade was a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $6.24, for a total transaction of $374,400.00. Following the sale, 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 disclosure for this sale can be found here. Insiders sold 205,554 shares of company stock valued at $1,273,590 over the last 90 days. Company insiders own 23.46% of the company’s stock.

Porch Group Stock Performance

NASDAQ PRCH opened at $10.29 on Friday. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -14.70 and a beta of 2.44. The stock has a 50-day moving average of $6.36 and a 200 day moving average of $5.02. Porch Group, Inc. has a one year low of $1.05 and a one year high of $11.35.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The company had revenue of $104.75 million for the quarter, compared to the consensus estimate of $79.44 million. On average, equities analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

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.