Harbor Capital Advisors Inc. Makes New $1.99 Million Investment in Porch Group, Inc. (NASDAQ:PRCH)

Harbor Capital Advisors Inc. bought a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,316,994 shares of the company’s stock, valued at approximately $1,989,000. Harbor Capital Advisors Inc. owned 1.33% of Porch Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Porch Group during the 4th quarter valued at about $53,000. Capital Advisors Inc. OK purchased a new position in Porch Group during the 4th quarter valued at about $232,000. Viewpoint Capital Management LLC boosted its stake in Porch Group by 29.3% during the fourth quarter. Viewpoint Capital Management LLC now owns 190,000 shares of the company’s stock worth $585,000 after acquiring an additional 43,000 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Porch Group by 30.3% in the fourth quarter. New York State Common Retirement Fund now owns 210,703 shares of the company’s stock worth $649,000 after purchasing an additional 49,028 shares during the period. Finally, Alpha Cubed Investments LLC bought a new position in shares of Porch Group during the fourth quarter valued at approximately $88,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Porch Group Stock Performance

Shares of NASDAQ PRCH traded down $0.55 during midday trading on Wednesday, hitting $1.19. 3,409,808 shares of the stock traded hands, compared to its average volume of 1,402,634. The firm has a market capitalization of $117.54 million, a P/E ratio of -1.06 and a beta of 2.06. Porch Group, Inc. has a one year low of $0.50 and a one year high of $4.78. The firm has a 50-day moving average of $1.82 and a two-hundred day moving average of $2.71.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, August 6th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.07). The business had revenue of $110.84 million during the quarter, compared to analyst estimates of $117.91 million. During the same quarter last year, the firm earned ($0.73) earnings per share. Equities analysts forecast that Porch Group, Inc. will post -0.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $2.02, for a total transaction of $30,300.00. Following the completion of the sale, the chief financial officer now directly owns 295,142 shares of the company’s stock, valued at $596,186.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 23.46% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on PRCH shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $3.75 target price on shares of Porch Group in a report on Tuesday, July 2nd. Stephens reiterated an “overweight” rating and set a $6.00 target price on shares of Porch Group in a research note on Thursday, April 11th. Craig Hallum lowered their price target on Porch Group from $5.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Northland Securities reduced their price objective on Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a report on Wednesday. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Porch Group has an average rating of “Moderate Buy” and an average price target of $4.20.

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.