Granahan Investment Management LLC Sells 1,995,083 Shares of Porch Group, Inc. $PRCH

Granahan Investment Management LLC decreased its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 17.2% during the 3rd quarter, Holdings Channel reports. The fund owned 9,636,692 shares of the company’s stock after selling 1,995,083 shares during the quarter. Porch Group accounts for about 6.6% of Granahan Investment Management LLC’s investment portfolio, making the stock its biggest holding. Granahan Investment Management LLC owned 0.08% of Porch Group worth $161,704,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of PRCH. AQR Capital Management LLC increased its stake in Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock valued at $1,653,000 after purchasing an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after purchasing an additional 2,002 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Porch Group by 2.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,161,064 shares of the company’s stock worth $8,464,000 after purchasing an additional 26,119 shares in the last quarter. Savant Capital LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at $174,000. Finally, Geode Capital Management LLC grew its holdings in shares of Porch Group by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,150,086 shares of the company’s stock valued at $25,354,000 after buying an additional 48,811 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Stock Performance

Shares of PRCH opened at $7.58 on Monday. The stock has a market capitalization of $943.41 million, a price-to-earnings ratio of -151.60 and a beta of 3.05. Porch Group, Inc. has a 12 month low of $4.64 and a 12 month high of $19.44. The firm has a fifty day simple moving average of $8.15 and a 200 day simple moving average of $11.57. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 17.20.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Wednesday, February 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.05. Porch Group had a negative net margin of 0.72% and a negative return on equity of 51.86%. The firm had revenue of $112.25 million for the quarter, compared to analyst estimates of $109.13 million. Research analysts forecast that Porch Group, Inc. will post -0.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PRCH has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Porch Group from a “market perform” rating to an “outperform” rating and lowered their price objective for the company from $13.00 to $10.50 in a research report on Wednesday, February 11th. Zacks Research upgraded Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Benchmark reissued a “buy” rating on shares of Porch Group in a research note on Friday, January 16th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Porch Group in a report on Monday, December 29th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Porch Group currently has an average rating of “Moderate Buy” and a consensus target price of $16.31.

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.