Jane Street Group LLC Acquires 274,209 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Jane Street Group LLC increased its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 777.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 309,475 shares of the company’s stock after acquiring an additional 274,209 shares during the period. Jane Street Group LLC’s holdings in Porch Group were worth $1,523,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PRCH. Portolan Capital Management LLC lifted its stake in shares of Porch Group by 476.0% during the 4th quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company’s stock worth $11,314,000 after acquiring an additional 1,900,416 shares during the last quarter. Invesco Ltd. raised its position in Porch Group by 4,365.6% during the 4th quarter. Invesco Ltd. now owns 1,682,286 shares of the company’s stock valued at $8,277,000 after purchasing an additional 1,644,614 shares in the last quarter. Vanguard Group Inc. raised its position in Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company’s stock valued at $27,117,000 after purchasing an additional 1,100,224 shares in the last quarter. JPMorgan Chase & Co. raised its position in Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company’s stock valued at $3,593,000 after purchasing an additional 505,660 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new stake in Porch Group during the 4th quarter valued at $1,196,000. 48.48% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 250,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $10.23, for a total value of $2,557,500.00. Following the sale, the chief operating officer now directly owns 1,198,080 shares in the company, valued at $12,256,358.40. This trade represents a 17.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Shawn Tabak sold 108,226 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value of $654,767.30. Following the completion of the sale, the chief financial officer now owns 179,613 shares in the company, valued at approximately $1,086,658.65. This represents a 37.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 455,554 shares of company stock worth $3,831,090 over the last ninety days. Corporate insiders own 23.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PRCH. Loop Capital reaffirmed a “buy” rating and set a $13.00 target price (up from $6.00) on shares of Porch Group in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price target on 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 boosted their price target on Porch Group from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 7th. Benchmark boosted their price target on Porch Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Finally, Stephens boosted their price target on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.89.

Porch Group Price Performance

PRCH stock opened at $10.78 on Monday. The business has a 50 day simple moving average of $6.78 and a 200-day simple moving average of $5.37. The firm has a market capitalization of $1.29 billion, a PE ratio of -15.40 and a beta of 2.44. Porch Group, Inc. has a 1 year low of $1.05 and a 1 year high of $11.35.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data 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 business had revenue of $104.75 million during the quarter, compared to analysts’ expectations of $79.44 million. On average, equities research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.

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.