Covestor Ltd Makes New Investment in Porch Group, Inc. (NASDAQ:PRCH)

Covestor Ltd acquired a new stake in Porch Group, Inc. (NASDAQ:PRCH) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 24,076 shares of the company’s stock, valued at approximately $118,000.

Other hedge funds have also recently made changes to their positions in the company. Invesco Ltd. lifted its position in Porch Group by 4,365.6% in the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock valued at $8,277,000 after acquiring an additional 1,644,614 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of 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 last quarter. Thompson Siegel & Walmsley LLC bought a new stake in Porch Group during the fourth quarter worth $1,196,000. Finally, Bank of Montreal Can raised its position in Porch Group by 142.7% in the 4th quarter. Bank of Montreal Can now owns 337,877 shares of the company’s stock valued at $1,662,000 after buying an additional 198,649 shares during the last quarter. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the sale, the chief financial officer now owns 179,613 shares of the company’s stock, valued at approximately $1,086,658.65. This trade represents a 37.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Matthew Neagle sold 27,328 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the sale, the chief operating officer now directly owns 1,356,729 shares in the company, valued at approximately $9,483,535.71. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 195,554 shares of company stock valued at $1,220,190 in the last 90 days. Insiders own 23.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PRCH. Keefe, Bruyette & Woods lifted their price objective on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a report on Monday, March 3rd. Oppenheimer upped their price objective on shares of Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Loop Capital upgraded shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Wednesday, February 26th. Benchmark boosted their target price on Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, Stephens increased their price target on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $7.32.

Porch Group Trading Up 1.5 %

Shares of NASDAQ PRCH opened at $5.47 on Friday. The stock has a fifty day simple moving average of $5.87 and a two-hundred day simple moving average of $4.37. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $8.49. The firm has a market cap of $656.75 million, a price-to-earnings ratio of -7.81 and a beta of 2.15.

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.