Granahan Investment Management LLC Buys 1,953,736 Shares of Porch Group, Inc. $PRCH

Granahan Investment Management LLC lifted its stake in Porch Group, Inc. (NASDAQ:PRCH) by 20.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,590,428 shares of the company’s stock after acquiring an additional 1,953,736 shares during the quarter. Porch Group makes up 4.5% of Granahan Investment Management LLC’s portfolio, making the stock its biggest holding. Granahan Investment Management LLC owned 0.09% of Porch Group worth $105,821,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PRCH. AQR Capital Management LLC increased its stake in shares of Porch Group by 134.7% in the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock worth $1,653,000 after acquiring an additional 130,166 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Porch Group by 4.3% in 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 holdings in Porch Group by 2.3% in 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. Creative Planning bought a new stake in Porch Group in the second quarter worth $136,000. Finally, Legal & General Group Plc boosted its holdings in Porch Group by 1,203.8% in the second quarter. Legal & General Group Plc now owns 108,759 shares of the company’s stock worth $1,282,000 after purchasing an additional 100,417 shares in the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Trading Up 8.6%

Shares of NASDAQ:PRCH opened at $11.40 on Wednesday. The stock has a market capitalization of $1.46 billion, a PE ratio of -67.05 and a beta of 3.22. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The firm has a fifty day moving average price of $9.31 and a 200 day moving average price of $8.70. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The firm had revenue of $109.44 million during the quarter, compared to analysts’ expectations of $94.72 million. Analysts expect that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 3,944 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $10.87, for a total transaction of $42,871.28. Following the completion of the sale, the chief financial officer directly owned 265,495 shares in the company, valued at $2,885,930.65. This represents a 1.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 120,368 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $1,177,199.04. Following the sale, the chief executive officer owned 15,972,080 shares of the company’s stock, valued at $156,206,942.40. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 2,505,010 shares of company stock worth $22,195,198 over the last ninety days. Company insiders own 27.78% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PRCH. Weiss Ratings reiterated a “sell (d-)” rating on shares of Porch Group in a report on Friday, May 22nd. Benchmark upped their price objective on shares of Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Stephens began coverage on shares of Porch Group in a report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective for the company. Finally, Zacks Research upgraded shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.21.

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.