The Manufacturers Life Insurance Company Purchases Shares of 50,303 Porch Group, Inc. $PRCH

The Manufacturers Life Insurance Company bought a new stake in Porch Group, Inc. (NASDAQ:PRCH) during the second quarter, according to its most recent filing with the SEC. The firm bought 50,303 shares of the company’s stock, valued at approximately $757,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PRCH. AQR Capital Management LLC lifted its position in shares of Porch Group by 134.7% during the 1st quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after purchasing an additional 130,166 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Porch Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after buying an additional 2,002 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after buying an additional 26,119 shares during the last quarter. Creative Planning bought a new stake in shares of Porch Group in the second quarter valued at approximately $136,000. Finally, Legal & General Group Plc grew its stake in shares of Porch Group by 1,203.8% in the second quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock worth $1,282,000 after acquiring an additional 100,417 shares during the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PRCH. Benchmark upped their target price on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Cantor Fitzgerald boosted their price objective on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Finally, B. Riley Financial lifted their target price on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Five 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.42.

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is owned by company insiders.

Porch Group Stock Performance

Shares of NASDAQ PRCH opened at $17.94 on Friday. The business has a fifty day simple moving average of $15.35 and a 200 day simple moving average of $11.22. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of -149.50 and a beta of 3.17. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.08. The firm had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. Sell-side analysts expect that Porch Group, Inc. will post -0.09 EPS for the current year.

Porch Group Company 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.