JPMorgan Chase & Co. Cuts Position in Porch Group, Inc. (NASDAQ:PRCH)

JPMorgan Chase & Co. lessened its stake in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 54.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 224,680 shares of the company's stock after selling 263,390 shares during the quarter. JPMorgan Chase & Co. owned about 0.19% of Porch Group worth $345,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Zacks Investment Management bought a new stake in Porch Group in the 3rd quarter worth approximately $32,000. Caprock Group LLC bought a new stake in Porch Group in the 3rd quarter worth approximately $37,000. Mackenzie Financial Corp lifted its position in Porch Group by 102.4% in the 2nd quarter. Mackenzie Financial Corp now owns 23,908 shares of the company's stock worth $36,000 after buying an additional 12,097 shares during the last quarter. SG Americas Securities LLC bought a new stake in Porch Group in the 3rd quarter worth approximately $42,000. Finally, Los Angeles Capital Management LLC bought a new stake in Porch Group in the 3rd quarter worth approximately $46,000. Hedge funds and other institutional investors own 48.48% of the company's stock.

Porch Group Stock Up 3.6 %

Shares of PRCH traded up $0.15 during mid-day trading on Thursday, hitting $4.30. 955,556 shares of the company's stock traded hands, compared to its average volume of 1,124,292. Porch Group, Inc. has a 1 year low of $1.05 and a 1 year high of $6.03. The firm has a market capitalization of $514.02 million, a P/E ratio of -6.14 and a beta of 2.05. The business's 50-day moving average price is $4.75 and its 200-day moving average price is $2.79.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted 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 during the quarter. During the same quarter in the previous year, the firm earned ($0.12) EPS. Sell-side analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Porch Group news, CFO Shawn Tabak sold 21,774 shares of the business's stock in a transaction on Monday, December 16th. The stock was 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 approximately $1,727,034. The trade was a 7.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 23.46% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Craig Hallum boosted their target price on Porch Group from $4.00 to $8.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Oppenheimer lifted their price target on Porch Group from $4.00 to $7.00 and gave the stock an "outperform" rating in a research note 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. Stephens lifted their price target on Porch Group from $4.00 to $5.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th. Finally, Loop Capital reaffirmed a "hold" rating and issued a $6.00 price target on shares of Porch Group in a research note on Monday, December 9th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus 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.