Harbor Capital Advisors Inc. Decreases Stock Position in Porch Group, Inc. (NASDAQ:PRCH)

Harbor Capital Advisors Inc. trimmed its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 32.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,552,612 shares of the company's stock after selling 1,222,297 shares during the period. Harbor Capital Advisors Inc. owned approximately 2.14% of Porch Group worth $12,559,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Zacks Investment Management bought a new position in Porch Group during the 3rd quarter valued at $32,000. Mackenzie Financial Corp lifted its position in shares of Porch Group by 102.4% during the second quarter. Mackenzie Financial Corp now owns 23,908 shares of the company's stock valued at $36,000 after purchasing an additional 12,097 shares in the last quarter. Caprock Group LLC purchased a new position in Porch Group during the third quarter worth about $37,000. SG Americas Securities LLC bought a new stake in Porch Group in the 3rd quarter worth about $42,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Porch Group in the 3rd quarter valued at about $46,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Stock Down 3.6 %

PRCH traded down $0.17 during trading on Friday, reaching $4.51. 1,150,343 shares of the company were exchanged, compared to its average volume of 1,702,024. The company's 50-day moving average is $4.28 and its two-hundred day moving average is $2.51. Porch Group, Inc. has a 12-month low of $1.05 and a 12-month high of $6.03. The company has a market cap of $539.14 million, a price-to-earnings ratio of -6.44 and a beta of 2.05.

Analysts Set New Price Targets

Several research firms have recently issued reports on PRCH. Craig Hallum upped their target price on Porch Group from $4.00 to $8.00 and gave the company a "buy" rating in a report on Friday, December 6th. Benchmark restated a "buy" rating and issued a $7.00 price objective on shares of Porch Group in a research note on Tuesday, October 29th. Loop Capital reiterated a "hold" rating and set a $6.00 target price on shares of Porch Group in a research note on Monday, December 9th. Stephens increased their price target on shares of Porch Group from $4.00 to $5.00 and gave the company an "overweight" rating in a research report on Monday, November 11th. Finally, Oppenheimer lifted their price objective on shares of Porch Group from $4.00 to $7.00 and gave the stock an "outperform" rating in a research report on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $5.34.

Insider Activity

In related news, CFO Shawn Tabak sold 21,774 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $6.00, for a total value of $130,644.00. Following the sale, the chief financial officer now directly owns 287,839 shares of the company's stock, valued at $1,727,034. This trade 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. Company 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.