Porch Group, Inc. $PRCH Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP increased its position in Porch Group, Inc. (NASDAQ:PRCH) by 5.7% during the second quarter, Holdings Channel reports. The fund owned 1,297,050 shares of the company’s stock after purchasing an additional 70,139 shares during the quarter. Wellington Management Group LLP’s holdings in Porch Group were worth $19,508,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PRCH. BlackRock Inc. acquired a new position in shares of Porch Group during the second quarter valued at approximately $128,995,000. GC Wealth Management RIA LLC acquired a new stake in shares of Porch Group during the first quarter worth $29,230,000. Park West Asset Management LLC acquired a new stake in Porch Group during the 2nd quarter worth about $53,194,000. Invesco Ltd. lifted its position in shares of Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its holdings in shares of Porch Group by 20.3% in the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock valued at $105,821,000 after purchasing an additional 1,953,736 shares in the last quarter. Institutional investors own 48.48% of the company’s stock.

Porch Group Stock Performance

Shares of PRCH stock opened at $17.94 on Monday. The company has a market capitalization of $2.37 billion, a P/E ratio of -149.50 and a beta of 3.17. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The firm has a 50-day moving average price of $15.35 and a 200 day moving average price of $11.24.

Porch Group (NASDAQ:PRCH) last released 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. The business had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. Research analysts forecast that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Shawn Tabak sold 25,000 shares of the 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 directly owned 215,495 shares of the company’s stock, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 27.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PRCH. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial boosted their price target on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Benchmark boosted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Cantor Fitzgerald boosted their price objective on Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Five investment 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’s stock. According to MarketBeat, Porch Group presently has an average rating of “Moderate Buy” and an average price target of $18.42.

Porch Group Company 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.