Portolan Capital Management LLC Makes New Investment in Porch Group, Inc. (NASDAQ:PRCH)

Portolan Capital Management LLC purchased a new stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 399,219 shares of the company's stock, valued at approximately $613,000. Portolan Capital Management LLC owned about 0.34% of Porch Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in shares of Porch Group by 19.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company's stock valued at $746,000 after purchasing an additional 78,892 shares during the period. Panagora Asset Management Inc. bought a new stake in Porch Group in the second quarter valued at approximately $220,000. Rhumbline Advisers acquired a new stake in shares of Porch Group in the second quarter valued at approximately $99,000. Acadian Asset Management LLC lifted its position in shares of Porch Group by 444.5% in the second quarter. Acadian Asset Management LLC now owns 1,571,003 shares of the company's stock valued at $2,369,000 after buying an additional 1,282,500 shares during the last quarter. Finally, Citizens Financial Group Inc. RI bought a new position in shares of Porch Group during the 2nd quarter worth approximately $264,000. Institutional investors own 48.48% of the company's stock.

Porch Group Trading Down 7.8 %

NASDAQ PRCH traded down $0.40 during trading on Thursday, reaching $4.76. The company's stock had a trading volume of 2,424,450 shares, compared to its average volume of 1,578,737. Porch Group, Inc. has a 12 month low of $1.05 and a 12 month high of $5.70. The firm has a 50 day moving average price of $2.39 and a 200 day moving average price of $1.92. The firm has a market capitalization of $569.01 million, a price-to-earnings ratio of -6.76 and a beta of 2.14.

Insider Activity at Porch Group

In related news, CFO Shawn Tabak sold 15,000 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $2.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now owns 278,298 shares in the company, valued at approximately $556,596. This trade represents a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 23.46% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRCH has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods dropped their price target on Porch Group from $3.75 to $1.50 and set a "market perform" rating on the stock in a research note on Thursday, August 8th. Craig Hallum increased their price objective on shares of Porch Group from $3.00 to $4.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Northland Securities reduced their target price on shares of Porch Group from $5.00 to $3.25 and set an "outperform" rating for the company in a report on Wednesday, August 7th. Cantor Fitzgerald raised shares of Porch Group to a "strong-buy" rating in a report on Tuesday, August 13th. Finally, Oppenheimer reduced their price objective on Porch Group from $4.50 to $3.50 and set an "outperform" rating for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Porch Group currently has an average rating of "Buy" and a consensus target price of $4.18.

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.