State Street Corp Boosts Stock Position in Porch Group, Inc. (NASDAQ:PRCH)

State Street Corp lifted its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 7.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,667,493 shares of the company’s stock after buying an additional 115,176 shares during the period. State Street Corp’s holdings in Porch Group were worth $2,560,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. increased its holdings in Porch Group by 186.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 3,774,909 shares of the company’s stock worth $5,794,000 after acquiring an additional 2,457,915 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Porch Group by 444.5% during the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company’s stock worth $2,369,000 after purchasing an additional 1,282,500 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of Porch Group by 223.4% during the third quarter. GSA Capital Partners LLP now owns 1,532,616 shares of the company’s stock worth $2,353,000 after purchasing an additional 1,058,653 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Porch Group by 53.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,184,500 shares of the company’s stock worth $3,299,000 after purchasing an additional 763,800 shares during the last quarter. Finally, Portolan Capital Management LLC purchased a new position in Porch Group in the 3rd quarter valued at about $613,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Insider Transactions at Porch Group

In related news, CFO Shawn Tabak sold 21,774 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $6.00, for a total transaction of $130,644.00. Following the completion of the sale, the chief financial officer now directly owns 287,839 shares in the company, valued at approximately $1,727,034. This trade represents a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 23.46% of the company’s stock.

Porch Group Stock Performance

NASDAQ PRCH opened at $4.92 on Wednesday. Porch Group, Inc. has a fifty-two week low of $1.05 and a fifty-two week high of $6.03. The firm has a market capitalization of $588.16 million, a P/E ratio of -7.03 and a beta of 2.14. The stock’s fifty day moving average is $3.77 and its two-hundred day moving average is $2.33.

Wall Street Analyst Weigh In

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

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.