Millennium Management LLC Invests $568,000 in Porch Group, Inc. (NASDAQ:PRCH)

Millennium Management LLC purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 115,530 shares of the company’s stock, valued at approximately $568,000. Millennium Management LLC owned about 0.10% of Porch Group as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Arrowstreet Capital Limited Partnership acquired a new position in shares of Porch Group in the fourth quarter valued at $176,000. JPMorgan Chase & Co. raised its stake in shares of Porch Group by 225.1% in the fourth quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock valued at $3,593,000 after purchasing an additional 505,660 shares in the last quarter. Vanguard Group Inc. raised its stake 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. Tower Research Capital LLC TRC raised its stake in shares of Porch Group by 91.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock valued at $54,000 after purchasing an additional 5,273 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Porch Group in the fourth quarter valued at $245,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $5.34, for a total transaction of $53,400.00. Following the sale, the chief financial officer now owns 218,580 shares in the company, valued at $1,167,217.20. This represents a 4.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Matthew Neagle sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $9.94, for a total value of $596,400.00. Following the sale, the chief operating officer now owns 1,078,080 shares in the company, valued at approximately $10,716,115.20. This represents a 5.27% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 467,328 shares of company stock worth $4,404,523. Corporate insiders own 23.32% of the company’s stock.

Wall Street Analysts Forecast Growth

PRCH has been the subject of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on Porch Group from $6.00 to $7.00 and gave the company a “market perform” rating in a research note on Wednesday, May 7th. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Loop Capital restated a “buy” rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark upped their target price on Porch Group from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Finally, Oppenheimer upped their target price on Porch Group from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Porch Group has an average rating of “Buy” and a consensus price target of $8.89.

Porch Group Stock Performance

Shares of PRCH opened at $10.86 on Monday. The stock has a 50 day simple moving average of $7.70 and a 200 day simple moving average of $6.10. Porch Group, Inc. has a 52-week low of $1.05 and a 52-week high of $12.20. The firm has a market capitalization of $1.32 billion, a PE ratio of -15.51 and a beta of 2.63.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The business had revenue of $104.75 million during the quarter, compared to analyst estimates of $79.44 million. Equities research analysts predict that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Porch Group Company Profile

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.