Diametric Capital LP Takes Position in Porch Group, Inc. (NASDAQ:PRCH)

Diametric Capital LP acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 114,544 shares of the company's stock, valued at approximately $564,000. Diametric Capital LP owned about 0.10% of Porch Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nisa Investment Advisors LLC lifted its stake in Porch Group by 5,776.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company's stock valued at $33,000 after buying an additional 6,527 shares during the last quarter. Jones Financial Companies Lllp acquired a new position in Porch Group in the fourth quarter valued at $35,000. Rik Saylor Financial Inc. purchased a new stake in shares of Porch Group in the fourth quarter valued at about $49,000. Raymond James Financial Inc. acquired a new stake in shares of Porch Group during the fourth quarter worth about $50,000. Finally, GAMMA Investing LLC purchased a new position in shares of Porch Group during the fourth quarter worth about $50,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PRCH shares. Benchmark increased their price objective on Porch Group from $7.00 to $10.00 and gave the stock a "buy" rating in a research report on Wednesday, February 26th. Loop Capital raised shares of Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price objective on the stock in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods lifted their target price on shares of Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Oppenheimer increased their price target on shares of Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a report on Wednesday, February 26th. Finally, Stephens boosted their target price 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 equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Porch Group currently has an average rating of "Buy" and an average price target of $7.03.

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Insider Activity

In related news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $6.24, for a total transaction of $374,400.00. Following the sale, the chief operating officer now owns 1,384,057 shares of the company's stock, valued at $8,636,515.68. This trade represents a 4.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of Porch Group stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the completion of the sale, the chief financial officer now directly owns 179,613 shares of the company's stock, valued at $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 195,554 shares of company stock worth $1,220,190 over the last 90 days. 23.46% of the stock is currently owned by corporate insiders.

Porch Group Stock Down 7.7 %

Shares of PRCH traded down $0.54 on Thursday, reaching $6.45. The stock had a trading volume of 2,422,142 shares, compared to its average volume of 1,783,287. The firm has a 50-day moving average of $5.64 and a 200 day moving average of $4.13. The firm has a market capitalization of $774.41 million, a PE ratio of -9.21 and a beta of 2.04. Porch Group, Inc. has a twelve month low of $1.05 and a twelve month high of $8.49.

About Porch Group

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.