MetLife Investment Management LLC Grows Position in Porch Group, Inc. (NASDAQ:PRCH)

MetLife Investment Management LLC increased its position in Porch Group, Inc. (NASDAQ:PRCH – Get Rating) by 384.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 51,162 shares of the company’s stock after purchasing an additional 40,603 shares during the quarter. MetLife Investment Management LLC’s holdings in Porch Group were worth $115,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PRCH. JPMorgan Chase & Co. raised its stake in Porch Group by 1.3% during the first quarter. JPMorgan Chase & Co. now owns 497,530 shares of the company’s stock valued at $3,454,000 after buying an additional 6,377 shares during the last quarter. Synovus Financial Corp raised its stake in Porch Group by 68.4% during the second quarter. Synovus Financial Corp now owns 19,489 shares of the company’s stock valued at $50,000 after buying an additional 7,917 shares during the last quarter. Graham Capital Management L.P. purchased a new position in Porch Group during the first quarter valued at $69,000. Envestnet Asset Management Inc. raised its stake in Porch Group by 38.2% during the second quarter. Envestnet Asset Management Inc. now owns 39,430 shares of the company’s stock valued at $101,000 after buying an additional 10,904 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its stake in Porch Group by 14.2% during the second quarter. Rafferty Asset Management LLC now owns 89,820 shares of the company’s stock valued at $230,000 after buying an additional 11,143 shares during the last quarter.

Porch Group Stock Performance

Shares of PRCH opened at $2.21 on Monday. The company has a debt-to-equity ratio of 3.69, a current ratio of 1.28 and a quick ratio of 1.28. Porch Group, Inc. has a one year low of $0.94 and a one year high of $8.33. The firm has a market capitalization of $222.24 million, a P/E ratio of -1.51 and a beta of 1.00. The business has a fifty day moving average of $2.65 and a 200 day moving average of $2.22.

Wall Street Analyst Weigh In

A number of research firms have commented on PRCH. JPMorgan Chase & Co. lowered Porch Group from an “overweight” rating to a “neutral” rating in a report on Wednesday, November 9th. Oppenheimer reduced their target price on Porch Group from $9.00 to $3.00 in a report on Wednesday, November 9th. Finally, Northland Securities reduced their target price on Porch Group from $7.00 to $4.50 in a report on Wednesday, November 9th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.58.

Insider Buying and Selling at Porch Group

In related news, major shareholder Park West Asset Management Llc purchased 474,220 shares of the business’s stock in a transaction on Friday, January 20th. The stock was acquired at an average price of $2.46 per share, with a total value of $1,166,581.20. Following the completion of the acquisition, the insider now owns 10,569,083 shares of the company’s stock, valued at approximately $25,999,944.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Porch Group news, CEO Matt Ehrlichman acquired 88,776 shares of the stock in a transaction dated Wednesday, December 7th. The shares were acquired at an average cost of $1.81 per share, for a total transaction of $160,684.56. Following the completion of the transaction, the chief executive officer now directly owns 10,092,043 shares of the company’s stock, valued at $18,266,597.83. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Park West Asset Management Llc acquired 474,220 shares of the stock in a transaction dated Friday, January 20th. The stock was acquired at an average price of $2.46 per share, for a total transaction of $1,166,581.20. Following the completion of the transaction, the insider now directly owns 10,569,083 shares of the company’s stock, valued at $25,999,944.18. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 1,879,309 shares of company stock valued at $4,350,212. Company insiders own 18.64% of the company’s stock.

About Porch Group

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Porch Group, Inc operates a software platform in the United States and Canada. The company operates through two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to home services companies and gives early access to homebuyers and homeowners. It offers services to home services companies, such as home inspectors, consumers, such as homebuyers and homeowners, service providers, such as moving, insurance, warranty, and security companies, and TV/Internet providers.