GC Wealth Management RIA LLC Buys Shares of 4,076,745 Porch Group, Inc. $PRCH

GC Wealth Management RIA LLC bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,076,745 shares of the company’s stock, valued at approximately $29,230,000. Porch Group comprises about 1.2% of GC Wealth Management RIA LLC’s holdings, making the stock its 13th biggest position.

Several other institutional investors also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership acquired a new position in Porch Group during the 1st quarter worth about $1,015,000. Globeflex Capital L P bought a new position in shares of Porch Group during the first quarter worth about $2,455,000. Cetera Investment Advisers acquired a new position in shares of Porch Group in the first quarter worth approximately $74,000. PNC Financial Services Group Inc. boosted its holdings in Porch Group by 697.8% in the first quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after acquiring an additional 8,213 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Porch Group by 42.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after acquiring an additional 455,817 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Stock Performance

NASDAQ PRCH opened at $11.63 on Friday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -68.41 and a beta of 3.13. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The company has a fifty day moving average price of $12.03 and a 200-day moving average price of $9.53.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The firm had revenue of $109.44 million during the quarter, compared to analyst estimates of $94.72 million. As a group, equities research analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $16.25 price target (up from $13.00) on shares of Porch Group in a report on Monday, July 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Porch Group in a research note on Friday, May 22nd. Stephens assumed coverage on shares of Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective for the company. Finally, Benchmark lifted their target price on shares of Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.54.

Insider Buying and Selling at Porch Group

In other Porch Group news, CEO Matt Ehrlichman sold 124,089 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $9.79, for a total value of $1,214,831.31. Following the completion of the sale, the chief executive officer directly owned 16,564,822 shares of the company’s stock, valued at $162,169,607.38. This trade represents a 0.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 64,274 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $629,242.46. Following the completion of the sale, the chief operating officer owned 2,297,724 shares in the company, valued at approximately $22,494,717.96. The trade was a 2.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 1,397,856 shares of company stock valued at $14,158,387. 27.78% of the stock is owned by corporate insiders.

Porch Group Profile

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.