Voya Investment Management LLC Lowers Stake in Porch Group, Inc. $PRCH

Voya Investment Management LLC cut its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 6.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,589 shares of the company’s stock after selling 1,516 shares during the quarter. Voya Investment Management LLC’s holdings in Porch Group were worth $157,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Rhumbline Advisers grew its holdings in shares of Porch Group by 28.7% during the first quarter. Rhumbline Advisers now owns 99,436 shares of the company’s stock worth $725,000 after buying an additional 22,159 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Porch Group by 92.5% in the first quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company’s stock valued at $11,800,000 after purchasing an additional 778,240 shares during the period. Goldman Sachs Group Inc. grew its holdings in Porch Group by 2.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock valued at $8,464,000 after purchasing an additional 26,119 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Porch Group by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock valued at $352,000 after purchasing an additional 2,002 shares during the period. Finally, Bosun Asset Management LLC purchased a new stake in Porch Group in the first quarter valued at approximately $209,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Oppenheimer restated an “outperform” rating and issued a $25.00 target price (up from $17.00) on shares of Porch Group in a report on Monday, September 22nd. The Goldman Sachs Group assumed coverage on shares of Porch Group in a report on Tuesday, September 2nd. They issued a “buy” rating and a $21.00 target price for the company. Benchmark boosted their target price on shares of Porch Group from $17.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. B. Riley assumed coverage on shares of Porch Group in a report on Tuesday, July 1st. They issued a “buy” rating and a $15.00 target price for the company. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $20.00 target price on shares of Porch Group in a report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.56.

Porch Group Trading Down 1.5%

NASDAQ PRCH opened at $16.78 on Wednesday. The company’s fifty day simple moving average is $16.16 and its 200-day simple moving average is $11.51. Porch Group, Inc. has a 52 week low of $1.26 and a 52 week high of $19.44. The stock has a market cap of $2.06 billion, a P/E ratio of 32.90 and a beta of 2.84.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Tuesday, August 5th. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.16. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. The business had revenue of $119.30 million for the quarter, compared to analysts’ expectations of $98.06 million. Porch Group has set its FY 2025 guidance at EPS. On average, research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insider Activity

In other news, Director Regi Vengalil sold 40,000 shares of the business’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $18.20, for a total transaction of $728,000.00. Following the transaction, the director directly owned 165,903 shares of the company’s stock, valued at approximately $3,019,434.60. The trade was a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Matthew Neagle sold 55,000 shares of the business’s stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total transaction of $1,027,950.00. Following the transaction, the chief operating officer directly owned 999,784 shares in the company, valued at approximately $18,685,962.96. The trade was a 5.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 170,000 shares of company stock valued at $3,019,700. 23.32% of the stock is currently owned by company insiders.

Porch Group 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.