The Manufacturers Life Insurance Company Makes New $757,000 Investment in Porch Group, Inc. $PRCH

The Manufacturers Life Insurance Company bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 50,303 shares of the company’s stock, valued at approximately $757,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC lifted its stake in Porch Group by 134.7% during the first quarter. AQR Capital Management LLC now owns 226,795 shares of the company’s stock valued at $1,653,000 after buying an additional 130,166 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Porch Group by 4.3% in the 1st 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 during the period. Goldman Sachs Group Inc. boosted its stake in Porch Group by 2.3% in the 1st 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 during the period. Creative Planning purchased a new position in Porch Group during the 2nd quarter worth approximately $136,000. Finally, Legal & General Group Plc grew its position in Porch Group by 1,203.8% during the 2nd 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. Institutional investors and hedge funds own 48.48% of the company’s stock.

Porch Group Price Performance

PRCH opened at $17.94 on Friday. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44. The stock has a fifty day moving average price of $15.35 and a 200 day moving average price of $11.22. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The stock has a market cap of $2.37 billion, a price-to-earnings ratio of -149.50 and a beta of 3.17.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The business had revenue of $131.81 million during the quarter, compared to analysts’ expectations of $122.30 million. Analysts forecast that Porch Group, Inc. will post -0.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PRCH has been the subject of a number of research analyst reports. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods upped their price target on Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial increased their price objective on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Cantor Fitzgerald raised their price objective on Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Benchmark lifted their target price on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.42.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the transaction, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is owned by corporate insiders.

Porch Group Company 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.