Quantbot Technologies LP Acquires Shares of 37,193 Porch Group, Inc. $PRCH

Quantbot Technologies LP bought a new position in Porch Group, Inc. (NASDAQ:PRCH) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 37,193 shares of the company’s stock, valued at approximately $559,000.

Several other hedge funds have also modified their holdings of the stock. The Manufacturers Life Insurance Company increased its holdings in shares of Porch Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock valued at $350,000 after purchasing an additional 1,090 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Porch Group by 1.5% during the 3rd quarter. Alliancebernstein L.P. now owns 80,410 shares of the company’s stock worth $1,349,000 after buying an additional 1,200 shares in the last quarter. Prudential Financial Inc. boosted its position in Porch Group by 9.4% in the 2nd quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock valued at $168,000 after buying an additional 1,220 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its position in Porch Group by 97.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock valued at $27,000 after buying an additional 1,481 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in shares of Porch Group by 444.8% in the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock valued at $31,000 after buying an additional 1,499 shares during the period. 48.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PRCH has been the subject of a number of recent research reports. Cantor Fitzgerald boosted their target price on Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price target on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a report on Thursday, July 30th. Benchmark lifted their price objective on Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. B. Riley Financial boosted their price objective on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, 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 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.79.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the transaction, the chief financial officer owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 53,944 shares of company stock valued at $851,371 in the last ninety days. Corporate insiders own 27.78% of the company’s stock.

Porch Group Price Performance

PRCH opened at $17.44 on Friday. The company has a fifty day moving average price of $14.79 and a two-hundred day moving average price of $10.83. The firm has a market capitalization of $2.30 billion, a PE ratio of -145.33 and a beta of 3.15. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The company had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. As a group, analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current year.

About Porch Group

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.