Panagora Asset Management Inc. Purchases Shares of 145,431 Porch Group, Inc. (NASDAQ:PRCH)

Panagora Asset Management Inc. acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 145,431 shares of the company’s stock, valued at approximately $220,000. Panagora Asset Management Inc. owned approximately 0.15% of Porch Group at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. bought a new position in Porch Group in the fourth quarter worth approximately $32,000. Cape Investment Advisory Inc. bought a new position in shares of Porch Group in the 4th quarter worth $39,000. Alpine Global Management LLC acquired a new stake in Porch Group in the 1st quarter valued at $43,000. Bayesian Capital Management LP bought a new stake in Porch Group during the 1st quarter valued at $80,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Porch Group during the first quarter worth $120,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Trading Down 1.6 %

Shares of PRCH opened at $1.25 on Thursday. The stock has a 50 day moving average of $1.62 and a 200 day moving average of $2.53. The company has a market capitalization of $148.46 million, a price-to-earnings ratio of -1.10 and a beta of 2.04. Porch Group, Inc. has a 12 month low of $0.50 and a 12 month high of $4.78.

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 firm had revenue of $110.84 million during the quarter, compared to analysts’ expectations of $117.91 million. During the same period in the previous year, the company posted ($0.73) earnings per share. As a group, equities research analysts predict that Porch Group, Inc. will post -0.67 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Benchmark decreased their target price on shares of Porch Group from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Craig Hallum cut their price target on Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Northland Securities lowered their price objective on Porch Group from $5.00 to $3.25 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Oppenheimer cut their target price on Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald raised Porch Group to a “strong-buy” rating in a research report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $4.18.

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.