175,000 Shares in Porch Group, Inc. (NASDAQ:PRCH) Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI purchased a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 175,000 shares of the company’s stock, valued at approximately $264,000. Citizens Financial Group Inc. RI owned 0.18% of Porch Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Granahan Investment Management LLC boosted its holdings in Porch Group by 12.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,890,749 shares of the company’s stock valued at $36,624,000 after acquiring an additional 1,278,208 shares during the period. Acadian Asset Management LLC lifted its position in 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 purchasing an additional 1,282,500 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new stake in shares of Porch Group during the second quarter valued at approximately $1,989,000. Natixis bought a new position in shares of Porch Group in the first quarter worth approximately $3,906,000. Finally, Bank of New York Mellon Corp increased its stake in shares of Porch Group by 19.0% in the second quarter. Bank of New York Mellon Corp now owns 493,730 shares of the company’s stock worth $746,000 after buying an additional 78,892 shares during the period. 48.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PRCH shares. Craig Hallum dropped their price target on shares of Porch Group from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Benchmark dropped their target price on shares of Porch Group from $10.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Oppenheimer reduced their price target on Porch Group from $4.50 to $3.50 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald upgraded Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. Finally, Keefe, Bruyette & Woods cut their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $4.18.

Porch Group Stock Performance

Shares of NASDAQ:PRCH opened at $1.58 on Thursday. The stock has a 50 day moving average price of $1.55 and a 200-day moving average price of $2.41. The firm has a market capitalization of $187.66 million, a P/E ratio of -1.39 and a beta of 2.04. Porch Group, Inc. has a 52-week low of $0.50 and a 52-week high of $4.78.

Porch Group (NASDAQ:PRCH) last announced its earnings results on Tuesday, August 6th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.07). The business had revenue of $110.84 million for the quarter, compared to analyst estimates of $117.91 million. During the same period last year, the company earned ($0.73) earnings per share. On average, equities analysts forecast that Porch Group, Inc. will post -0.76 EPS for the current fiscal year.

Porch Group 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.