JPMorgan Chase & Co. Boosts Stock Position in Porch Group, Inc. $PRCH

JPMorgan Chase & Co. boosted its stake in shares of Porch Group, Inc. (NASDAQ:PRCH) by 95.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 924,180 shares of the company’s stock after acquiring an additional 450,560 shares during the quarter. JPMorgan Chase & Co. owned about 0.75% of Porch Group worth $15,508,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. AlphaQuest LLC acquired a new stake in shares of Porch Group during the second quarter worth $33,000. State of Alaska Department of Revenue acquired a new stake in shares of Porch Group in the 3rd quarter worth $80,000. State of Wyoming acquired a new stake in shares of Porch Group in the 2nd quarter worth $111,000. Cornerstone Investment Partners LLC purchased a new stake in shares of Porch Group in the third quarter valued at about $174,000. Finally, Jaffetilchin Investment Partners LLC acquired a new position in shares of Porch Group during the second quarter worth about $130,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PRCH shares. Oppenheimer set a $20.00 price objective on Porch Group in a report on Thursday, November 6th. Keefe, Bruyette & Woods raised Porch Group from a “market perform” rating to an “outperform” rating and reduced their price target for the company from $13.00 to $10.50 in a report on Wednesday, February 11th. Benchmark reaffirmed a “buy” rating on shares of Porch Group in a report on Friday, January 16th. B. Riley Financial reiterated a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Finally, Zacks Research lowered shares of Porch Group from a “hold” rating to a “strong sell” rating in a research report on Monday, January 19th. Eight analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.31.

Porch Group Stock Performance

NASDAQ PRCH opened at $8.17 on Wednesday. The business has a 50 day moving average price of $8.36 and a 200 day moving average price of $12.03. The company has a market capitalization of $1.02 billion, a P/E ratio of -163.40 and a beta of 3.05. Porch Group, Inc. has a 1-year low of $4.64 and a 1-year high of $19.44. The company has a debt-to-equity ratio of 17.20, a current ratio of 1.30 and a quick ratio of 1.30.

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

Insider Transactions at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 24,294 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $9.66, for a total value of $234,680.04. Following the sale, the chief financial officer owned 118,130 shares of the company’s stock, valued at $1,141,135.80. This represents a 17.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 57,216 shares of company stock worth $553,129 in the last ninety days. Insiders own 23.32% of the company’s stock.

About Porch Group

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.