Geode Capital Management LLC Grows Stake in Porch Group, Inc. $PRCH

Geode Capital Management LLC raised its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 2.3% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,150,086 shares of the company’s stock after purchasing an additional 48,811 shares during the period. Geode Capital Management LLC owned about 1.77% of Porch Group worth $25,354,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC increased its stake in shares of Porch Group by 112.2% during the first quarter. CWM LLC now owns 8,732 shares of the company’s stock valued at $64,000 after buying an additional 4,617 shares during the period. Vanguard Group Inc. grew its holdings in Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock worth $42,457,000 after acquiring an additional 312,370 shares in the last quarter. Deutsche Bank AG increased its position in Porch Group by 5.6% during the 1st quarter. Deutsche Bank AG now owns 53,845 shares of the company’s stock valued at $393,000 after purchasing an additional 2,872 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Porch Group in the 1st quarter valued at about $812,000. Finally, Invesco Ltd. raised its holdings in shares of Porch Group by 72.2% in the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company’s stock valued at $21,114,000 after purchasing an additional 1,213,951 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of Porch Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, November 5th. Benchmark reaffirmed a “buy” rating on shares of Porch Group in a research report on Tuesday. B. Riley reiterated a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Porch Group in a research report on Tuesday, September 2nd. Finally, The Goldman Sachs Group began coverage on Porch Group in a research report on Tuesday, September 2nd. They set a “buy” rating and a $21.00 price objective on the stock. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.00.

Porch Group Price Performance

NASDAQ PRCH opened at $9.88 on Friday. The firm’s fifty day simple moving average is $13.96 and its two-hundred day simple moving average is $13.56. The firm has a market capitalization of $1.22 billion, a P/E ratio of 34.07 and a beta of 2.84. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 36.18. Porch Group, Inc. has a 12-month low of $3.61 and a 12-month high of $19.44.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%.The business had revenue of $118.08 million during the quarter, compared to analyst estimates of $114.42 million. Porch Group has set its FY 2025 guidance at EPS. Analysts forecast that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Insider Transactions at Porch Group

In other Porch Group news, COO Matthew Neagle sold 55,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $18.69, for a total transaction of $1,027,950.00. Following the sale, the chief operating officer owned 999,784 shares of the company’s stock, valued at approximately $18,685,962.96. The trade was a 5.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amanda L. Reierson sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $17.67, for a total transaction of $883,500.00. Following the transaction, the director owned 151,375 shares in the company, valued at $2,674,796.25. The trade was a 24.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 145,000 shares of company stock worth $2,639,450. Insiders own 23.32% of the company’s stock.

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.