Hsbc Holdings PLC Makes New Investment in Porch Group, Inc. $PRCH

Hsbc Holdings PLC purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 39,370 shares of the company’s stock, valued at approximately $587,000.

A number of other hedge funds have also recently modified their holdings of the business. Thompson Siegel & Walmsley LLC lifted its position in shares of Porch Group by 360.9% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock valued at $5,886,000 after buying an additional 504,803 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock worth $11,040,000 after acquiring an additional 455,817 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Porch Group in the 1st quarter worth approximately $1,015,000. Ashford Capital Management Inc. raised its stake in Porch Group by 72.0% during the 1st quarter. Ashford Capital Management Inc. now owns 696,180 shares of the company’s stock worth $4,992,000 after acquiring an additional 291,510 shares during the period. Finally, Granahan Investment Management LLC raised its stake in Porch Group by 9.4% during the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after acquiring an additional 1,084,559 shares during the period. Institutional investors own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

PRCH has been the topic of several analyst reports. Benchmark lifted their price target on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial raised their price objective on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Cantor Fitzgerald lifted their target price on shares of Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.42.

Insider Activity

In other news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. This trade represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is currently owned by insiders.

Porch Group Stock Performance

NASDAQ:PRCH opened at $17.74 on Thursday. The stock has a 50-day moving average price of $15.17 and a 200 day moving average price of $11.10. The stock has a market capitalization of $2.34 billion, a P/E ratio of -147.83 and a beta of 3.17. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The company had revenue of $131.81 million for the quarter, compared to analysts’ expectations of $122.30 million. Equities research analysts forecast that Porch Group, Inc. will post -0.09 EPS for the current fiscal year.

Porch Group Profile

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.