Divisadero Street Capital Management LP Takes Position in Porch Group, Inc. $PRCH

Divisadero Street Capital Management LP purchased a new position in Porch Group, Inc. (NASDAQ:PRCH) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 2,443,612 shares of the company’s stock, valued at approximately $28,810,000. Porch Group comprises approximately 1.8% of Divisadero Street Capital Management LP’s investment portfolio, making the stock its 12th largest position. Divisadero Street Capital Management LP owned 2.01% of Porch Group at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PRCH. Geode Capital Management LLC raised its position in shares of Porch Group by 2.3% in 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 period. Bank of Montreal Can boosted its position in shares of Porch Group by 26.3% during the second quarter. Bank of Montreal Can now owns 522,082 shares of the company’s stock worth $6,155,000 after purchasing an additional 108,857 shares in the last quarter. Zweig DiMenna Associates LLC boosted its position in shares of Porch Group by 296.6% during the second quarter. Zweig DiMenna Associates LLC now owns 872,500 shares of the company’s stock worth $10,287,000 after purchasing an additional 652,500 shares in the last quarter. Calamos Advisors LLC acquired a new position in shares of Porch Group in the 2nd quarter valued at $982,000. Finally, Hennessy Advisors Inc. bought a new stake in shares of Porch Group in the 2nd quarter valued at $19,607,000. 48.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 22,216 shares of the stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $9.52, for a total transaction of $211,496.32. Following the completion of the transaction, the chief financial officer directly owned 153,130 shares in the company, valued at $1,457,797.60. This represents a 12.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Matthew Neagle sold 55,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief operating officer owned 999,784 shares of the company’s stock, valued at $18,685,962.96. The trade was a 5.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 127,216 shares of company stock worth $2,122,946. 23.32% of the stock is owned by insiders.

Analyst Ratings Changes

PRCH has been the topic of several recent analyst reports. B. Riley reiterated a “buy” rating on shares of Porch Group in a report on Thursday, November 6th. Zacks Research raised Porch Group from a “strong sell” rating to a “hold” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price objective on Porch Group from $7.00 to $16.00 and gave the company a “market perform” rating in a report on Wednesday, August 13th. Oppenheimer set a $20.00 price objective on Porch Group in a research report on Thursday, November 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $20.00 target price on shares of Porch Group in a research note on Tuesday, September 2nd. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

Porch Group Stock Down 2.9%

NASDAQ:PRCH opened at $9.36 on Monday. The stock has a 50-day simple moving average of $13.11 and a 200 day simple moving average of $13.58. Porch Group, Inc. has a 52-week low of $3.72 and a 52-week high of $19.44. The company has a market cap of $1.16 billion, a PE ratio of 32.28 and a beta of 3.11. 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 released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The firm had revenue of $118.08 million for the quarter, compared to analyst estimates of $114.42 million. Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%. On average, sell-side analysts expect that Porch Group, Inc. will post -0.63 EPS 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.