Bank of Montreal Can decreased its position in shares of Porch Group, Inc. (NASDAQ:PRCH – Get Rating) by 14.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,071,105 shares of the company's stock after selling 184,505 shares during the quarter. Bank of Montreal Can owned approximately 1.09% of Porch Group worth $7,637,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Southpoint Capital Advisors LP grew its stake in shares of Porch Group by 1.4% during the 4th quarter. Southpoint Capital Advisors LP now owns 7,000,000 shares of the company's stock worth $109,130,000 after acquiring an additional 100,000 shares during the period. Vulcan Value Partners LLC bought a new position in shares of Porch Group during the 4th quarter worth $94,574,000. Riverbridge Partners LLC grew its stake in shares of Porch Group by 10.0% during the 1st quarter. Riverbridge Partners LLC now owns 2,654,699 shares of the company's stock worth $18,437,000 after acquiring an additional 240,542 shares during the period. Victory Capital Management Inc. grew its stake in shares of Porch Group by 22.3% during the 1st quarter. Victory Capital Management Inc. now owns 2,529,647 shares of the company's stock worth $17,568,000 after acquiring an additional 460,809 shares during the period. Finally, Villere ST Denis J & Co. LLC grew its stake in shares of Porch Group by 29.4% during the 1st quarter. Villere ST Denis J & Co. LLC now owns 2,310,609 shares of the company's stock worth $16,047,000 after acquiring an additional 525,426 shares during the period.
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Porch Group Stock Performance
Shares of NASDAQ PRCH opened at $2.59 on Thursday. The stock has a market cap of $254.17 million, a price-to-earnings ratio of -3.92 and a beta of 0.96. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.09. Porch Group, Inc. has a 1-year low of $1.80 and a 1-year high of $27.50. The stock's 50-day moving average is $2.44 and its 200 day moving average is $4.22.
Porch Group (NASDAQ:PRCH – Get Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.03). The firm had revenue of $70.77 million for the quarter, compared to analysts' expectations of $76.44 million. Porch Group had a negative net
margin of 24.17% and a negative return on equity of 42.98%. On average, sell-side analysts anticipate that Porch Group, Inc. will post -0.88 EPS for the current fiscal year.
Insider Buying and Selling
In related news, COO Matthew Neagle purchased 100,000 shares of Porch Group stock in a transaction that occurred on Monday, August 22nd. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the chief operating officer now directly owns 763,825 shares in the company, valued at $1,680,415. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Matthew Neagle purchased 100,000 shares of Porch Group stock in a transaction that occurred on Monday, August 22nd. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the chief operating officer now directly owns 763,825 shares in the company, valued at $1,680,415. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Davis Kell purchased 16,100 shares of Porch Group stock in a transaction that occurred on Friday, August 12th. The shares were bought at an average price of $3.13 per share, for a total transaction of $50,393.00. Following the completion of the transaction, the director now owns 55,840 shares in the company, valued at $174,779.20. The disclosure for this purchase can be found here. 18.64% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on PRCH shares. Cantor Fitzgerald started coverage on Porch Group in a report on Wednesday, August 10th. They set an "overweight" rating and a $8.00 price objective on the stock. Compass Point started coverage on Porch Group in a report on Wednesday, May 25th. They set a "buy" rating and a $11.50 price objective on the stock. Wedbush dropped their price objective on Porch Group from $13.00 to $8.00 in a report on Wednesday, May 11th. Craig Hallum dropped their price objective on Porch Group from $13.00 to $8.00 in a report on Wednesday, May 11th. Finally, Keefe, Bruyette & Woods reaffirmed a "downgrade" rating on shares of Porch Group in a report on Monday, July 25th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $16.90.
About Porch Group
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Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.
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