JPMorgan Chase & Co. Decreases Holdings in Porch Group, Inc. (NASDAQ:PRCH)

JPMorgan Chase & Co. lowered its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 54.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 224,680 shares of the company’s stock after selling 263,390 shares during the quarter. JPMorgan Chase & Co.’s holdings in Porch Group were worth $345,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Zacks Investment Management bought a new stake in shares of Porch Group in the 3rd quarter valued at about $32,000. Mackenzie Financial Corp increased its position in shares of Porch Group by 102.4% in the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company’s stock valued at $36,000 after acquiring an additional 12,097 shares during the period. Caprock Group LLC bought a new position in shares of Porch Group during the third quarter valued at about $37,000. SG Americas Securities LLC bought a new stake in shares of Porch Group in the third quarter worth about $42,000. Finally, Los Angeles Capital Management LLC bought a new position in Porch Group during the 3rd quarter valued at approximately $46,000. 48.48% of the stock is owned by institutional investors.

Porch Group Trading Down 3.3 %

Shares of NASDAQ:PRCH opened at $4.15 on Thursday. Porch Group, Inc. has a 12-month low of $1.05 and a 12-month high of $6.03. The stock has a market capitalization of $496.09 million, a price-to-earnings ratio of -5.93 and a beta of 2.05. The stock has a fifty day simple moving average of $4.75 and a two-hundred day simple moving average of $2.79.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Thursday, November 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The firm had revenue of $111.20 million for the quarter. During the same period in the prior year, the firm earned ($0.12) EPS. As a group, equities research analysts predict that Porch Group, Inc. will post -0.63 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PRCH shares. Loop Capital reiterated a “hold” rating and issued a $6.00 price target on shares of Porch Group in a report on Monday, December 9th. Craig Hallum raised their price objective on shares of Porch Group from $4.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Oppenheimer increased their target price on Porch Group from $4.00 to $7.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Benchmark reaffirmed a “buy” rating and issued a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Finally, Stephens raised their price objective on Porch Group from $4.00 to $5.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $5.34.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 21,774 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $6.00, for a total transaction of $130,644.00. Following the transaction, the chief financial officer now directly owns 287,839 shares of the company’s stock, valued at $1,727,034. This represents a 7.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 23.46% of the company’s stock.

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.