Porch Group, Inc. $PRCH Stake Boosted by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 285.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 429,004 shares of the company’s stock after buying an additional 317,580 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Porch Group were worth $5,058,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its position in shares of Porch Group by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 329,379 shares of the company’s stock worth $2,401,000 after acquiring an additional 9,670 shares in the last quarter. CWM LLC boosted its stake in Porch Group by 112.2% in the 1st quarter. CWM LLC now owns 8,732 shares of the company’s stock worth $64,000 after purchasing an additional 4,617 shares during the period. Zweig DiMenna Associates LLC purchased a new position in Porch Group during the 1st quarter worth approximately $1,604,000. Bryce Point Capital LLC acquired a new stake in Porch Group during the 1st quarter valued at $317,000. Finally, Vanguard Group Inc. raised its stake in Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock valued at $42,457,000 after purchasing an additional 312,370 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Porch Group

In other news, COO Matthew Neagle sold 55,000 shares of the stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $18.69, for a total transaction of $1,027,950.00. Following the transaction, the chief operating officer owned 999,784 shares in the company, valued at $18,685,962.96. This represents a 5.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Regi Vengalil sold 40,000 shares of the firm’s stock in a transaction on Friday, September 5th. The shares were sold at an average price of $18.20, for a total transaction of $728,000.00. Following the transaction, the director owned 165,903 shares in the company, valued at $3,019,434.60. This represents a 19.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 145,000 shares of company stock worth $2,639,450 over the last ninety days. 23.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PRCH has been the subject of several recent analyst reports. Oppenheimer set a $20.00 target price on Porch Group in a research report on Thursday, November 6th. Keefe, Bruyette & Woods raised their price objective on Porch Group from $7.00 to $16.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 13th. The Goldman Sachs Group began coverage on Porch Group in a report on Tuesday, September 2nd. They issued a “buy” rating and a $21.00 target price on the stock. B. Riley reissued a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Finally, Zacks Research downgraded shares of Porch Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 5th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Porch Group currently has an average rating of “Moderate Buy” and an average price target of $16.00.

Porch Group Stock Performance

Shares of NASDAQ PRCH opened at $10.20 on Friday. The company has a debt-to-equity ratio of 36.18, a current ratio of 1.33 and a quick ratio of 1.33. Porch Group, Inc. has a one year low of $2.74 and a one year high of $19.44. The business’s 50-day moving average price is $15.89 and its two-hundred day moving average price is $13.43. The company has a market capitalization of $1.25 billion, a P/E ratio of 35.17 and a beta of 2.84.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $118.08 million for the quarter, compared to analyst estimates of $114.42 million. Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. Porch Group has set its FY 2025 guidance at EPS. Analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Porch Group 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.