Renaissance Technologies LLC Raises Stake in Porch Group, Inc. (NASDAQ:PRCH)

Renaissance Technologies LLC increased its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 4.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,910,102 shares of the company’s stock after purchasing an additional 76,701 shares during the period. Renaissance Technologies LLC’s holdings in Porch Group were worth $9,398,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its stake in Porch Group by 5,776.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after buying an additional 6,527 shares in the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of Porch Group during the fourth quarter worth about $35,000. Rik Saylor Financial Inc. bought a new stake in Porch Group during the 4th quarter valued at approximately $49,000. Raymond James Financial Inc. purchased a new position in Porch Group in the 4th quarter worth approximately $50,000. Finally, GAMMA Investing LLC bought a new position in Porch Group in the 4th quarter worth approximately $50,000. 48.48% of the stock is currently owned by institutional investors.

Insider Transactions at Porch Group

In related news, COO Matthew Neagle sold 27,328 shares of Porch Group stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.99, for a total transaction of $191,022.72. Following the completion of the transaction, the chief operating officer now directly owns 1,356,729 shares of the company’s stock, valued at approximately $9,483,535.71. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Shawn Tabak sold 10,000 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total transaction of $53,400.00. Following the transaction, the chief financial officer now owns 218,580 shares in the company, valued at $1,167,217.20. The trade was a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 205,554 shares of company stock worth $1,273,590. 23.46% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PRCH has been the topic of several recent analyst reports. Loop Capital upgraded 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 report on Wednesday, February 26th. Benchmark boosted their price target on shares of Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Keefe, Bruyette & Woods raised their price objective on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. Oppenheimer boosted their target price on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Finally, Stephens raised their price target on Porch Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Porch Group has an average rating of “Buy” and a consensus price target of $7.32.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $5.29 on Friday. Porch Group, Inc. has a 1-year low of $1.05 and a 1-year high of $8.49. The business’s 50 day moving average is $5.94 and its two-hundred day moving average is $4.45. The stock has a market capitalization of $635.14 million, a P/E ratio of -7.56 and a beta of 2.15.

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.