Alpha Wave Global LP Boosts Stock Position in Porch Group, Inc. $PRCH

Alpha Wave Global LP grew its holdings in shares of Porch Group, Inc. (NASDAQ:PRCH) by 53.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 237,905 shares of the company’s stock after buying an additional 82,690 shares during the period. Porch Group accounts for about 0.3% of Alpha Wave Global LP’s holdings, making the stock its 23rd largest holding. Alpha Wave Global LP’s holdings in Porch Group were worth $2,805,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Porch Group by 5.7% in the first quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company’s stock valued at $42,457,000 after purchasing an additional 312,370 shares during the period. Driehaus Capital Management LLC grew its holdings in shares of Porch Group by 84.6% during the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company’s stock worth $23,389,000 after buying an additional 1,470,580 shares during the last quarter. Invesco Ltd. increased its position in Porch Group by 72.2% in the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company’s stock valued at $21,114,000 after acquiring an additional 1,213,951 shares during the period. Geode Capital Management LLC raised its stake in Porch Group by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,150,086 shares of the company’s stock valued at $25,354,000 after acquiring an additional 48,811 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new stake in Porch Group during the 2nd quarter worth approximately $19,607,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Insider Buying and Selling

In other Porch Group news, Director Amanda L. Reierson sold 50,000 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $17.67, for a total transaction of $883,500.00. Following the sale, the director owned 151,375 shares in the company, valued at approximately $2,674,796.25. This represents a 24.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Matthew Neagle sold 55,000 shares of the company’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $18.69, for a total value of $1,027,950.00. Following the completion of the sale, the chief operating officer owned 999,784 shares in the company, valued at $18,685,962.96. This represents a 5.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 23.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PRCH. Zacks Research lowered Porch Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 5th. B. Riley reiterated a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Benchmark reissued a “buy” rating on shares of Porch Group in a research note on Tuesday, November 25th. The Goldman Sachs Group assumed coverage on shares of Porch Group in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $21.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $20.00 target price on shares of Porch Group in a report on Tuesday, September 2nd. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $16.00.

Porch Group Stock Performance

Shares of PRCH stock opened at $9.64 on Friday. The stock has a market cap of $1.19 billion, a PE ratio of 33.24 and a beta of 3.11. Porch Group, Inc. has a 1 year low of $3.72 and a 1 year high of $19.44. The stock has a fifty day moving average price of $13.27 and a 200 day moving average price of $13.53. The company has a debt-to-equity ratio of 36.18, a quick ratio of 1.33 and a current ratio of 1.33.

Porch Group (NASDAQ:PRCH) last posted its earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. The business had revenue of $118.08 million for the quarter, compared to analysts’ expectations of $114.42 million. Sell-side analysts forecast that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

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.