Viewpoint Capital Management LLC Acquires 20,000 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Viewpoint Capital Management LLC boosted its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 10.8% during the 1st quarter, Holdings Channel reports. The fund owned 204,900 shares of the company’s stock after buying an additional 20,000 shares during the period. Viewpoint Capital Management LLC’s holdings in Porch Group were worth $1,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in Porch Group by 23.7% during the 1st quarter. GAMMA Investing LLC now owns 12,522 shares of the company’s stock valued at $91,000 after acquiring an additional 2,397 shares during the period. FNY Investment Advisers LLC acquired a new stake in Porch Group during the 1st quarter valued at approximately $29,000. Tower Research Capital LLC TRC lifted its stake in Porch Group by 91.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company’s stock valued at $54,000 after acquiring an additional 5,273 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Porch Group by 22.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,524 shares of the company’s stock valued at $151,000 after acquiring an additional 5,557 shares during the period. Finally, Jones Financial Companies Lllp acquired a new stake in Porch Group during the 4th quarter valued at approximately $35,000. 48.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Loop Capital restated a “buy” rating and set a $13.00 price objective (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Benchmark increased their price target on shares of Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Keefe, Bruyette & Woods increased their price target on shares of Porch Group from $6.00 to $7.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 7th. Oppenheimer increased their price target on shares of Porch Group from $9.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Stephens lifted their price target on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. One analyst has rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Porch Group presently has a consensus rating of “Buy” and an average price target of $10.28.

Porch Group Stock Down 1.1%

Shares of PRCH opened at $12.30 on Friday. The business’s 50 day moving average is $10.04 and its two-hundred day moving average is $7.02. Porch Group, Inc. has a 52-week low of $1.05 and a 52-week high of $12.83. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -87.86 and a beta of 2.67.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.09. The company had revenue of $104.75 million during the quarter, compared to analyst estimates of $79.44 million. On average, equities analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Matthew Neagle sold 250,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $10.23, for a total transaction of $2,557,500.00. Following the completion of the transaction, the chief operating officer owned 1,198,080 shares of the company’s stock, valued at $12,256,358.40. This trade represents a 17.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Rachel Lam sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $10.75, for a total value of $268,750.00. Following the transaction, the director directly owned 202,991 shares of the company’s stock, valued at $2,182,153.25. This represents a 10.97% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 475,000 shares of company stock worth $4,895,150. 23.32% of the stock is owned by company insiders.

Porch Group Company Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.