Porch Group, Inc. $PRCH Shares Purchased by Granahan Investment Management LLC

Granahan Investment Management LLC grew its stake in shares of Porch Group, Inc. (NASDAQ:PRCH) by 9.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 12,674,987 shares of the company’s stock after acquiring an additional 1,084,559 shares during the quarter. Porch Group comprises about 4.4% of Granahan Investment Management LLC’s portfolio, making the stock its 2nd biggest holding. Granahan Investment Management LLC owned approximately 0.10% of Porch Group worth $90,880,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of PRCH. Osbon Capital Management LLC bought a new position in shares of Porch Group in the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd lifted its position in Porch Group by 97.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock worth $27,000 after purchasing an additional 1,481 shares during the period. Larson Financial Group LLC grew its stake in Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after buying an additional 1,499 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in Porch Group in the 4th quarter valued at about $38,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Porch Group by 697.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company’s stock valued at $67,000 after buying an additional 8,213 shares in the last quarter. 48.48% of the stock is owned by institutional investors and hedge funds.

Porch Group Stock Performance

Porch Group stock opened at $11.84 on Friday. Porch Group, Inc. has a 12-month low of $6.36 and a 12-month high of $19.44. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. The business’s 50-day moving average price is $12.07 and its two-hundred day moving average price is $9.55. The stock has a market cap of $1.51 billion, a PE ratio of -69.64 and a beta of 3.13.

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

Insider Activity at Porch Group

In related news, CEO Matt Ehrlichman sold 120,368 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 15,972,080 shares in the company, valued at $156,206,942.40. This represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 62,344 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $609,724.32. Following the completion of the transaction, the chief operating officer directly owned 1,990,705 shares of the company’s stock, valued at approximately $19,469,094.90. The trade was a 3.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,397,856 shares of company stock valued at $14,158,387. 27.78% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Benchmark upped their price target 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 research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective for the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $16.25 price objective (up from $13.00) on shares of Porch Group in a research report on Monday, July 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Porch Group in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.54.

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.