Alpha Wave Global LP Sells 149,695 Shares of Porch Group, Inc. $PRCH

Key Points

• Alpha Wave Global LP has reduced its stake in Porch Group, Inc. by 49.1%, selling 149,695 shares, and now holds approximately 0.5% of the company's total stocks.
• Multiple brokerages have given Porch Group a "Buy" rating, with target prices ranging from $13.00 to $16.00, indicating a positive outlook for the company's stock performance.
• Insider sales of Porch Group stock totaled 120,000 shares valued at over $1.43 million in the last quarter, reflecting a shift in how insiders perceive the company's future prospects.

Alpha Wave Global LP reduced its position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 49.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 155,215 shares of the company's stock after selling 149,695 shares during the quarter. Porch Group comprises about 0.5% of Alpha Wave Global LP's holdings, making the stock its 17th biggest holding. Alpha Wave Global LP owned 0.13% of Porch Group worth $1,132,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. FNY Investment Advisers LLC bought a new position in shares of Porch Group in the first quarter valued at approximately $29,000. Raymond James Financial Inc. bought a new position in shares of Porch Group in the fourth quarter valued at approximately $50,000. Ameriprise Financial Inc. bought a new position in shares of Porch Group in the fourth quarter valued at approximately $51,000. Tower Research Capital LLC TRC boosted its position in shares of Porch Group by 91.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock valued at $54,000 after acquiring an additional 5,273 shares during the period. Finally, Squarepoint Ops LLC bought a new position in shares of Porch Group in the fourth quarter valued at approximately $57,000. 48.48% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PRCH. Keefe, Bruyette & Woods raised their target price on shares of Porch Group from $7.00 to $16.00 and gave the company a "market perform" rating in a research note on Wednesday, August 13th. Cantor Fitzgerald raised shares of Porch Group to a "strong-buy" rating in a research note on Friday, August 15th. B. Riley began coverage on shares of Porch Group in a research note on Tuesday, July 1st. They issued a "buy" rating and a $15.00 target price on the stock. Loop Capital reaffirmed a "buy" rating and issued a $13.00 target price (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Finally, Zacks Research downgraded shares of Porch Group from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Porch Group presently has a consensus rating of "Buy" and an average price target of $13.71.

Insiders Place Their Bets

In other Porch Group news, Director Rachel Lam sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $15.21, for a total value of $380,250.00. Following the sale, the director owned 177,991 shares of the company's stock, valued at $2,707,243.11. This trade represents a 12.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total transaction of $450,400.00. Following the completion of the sale, the director directly owned 182,416 shares in the company, valued at approximately $2,054,004.16. This trade represents a 17.98% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 120,000 shares of company stock valued at $1,436,300 in the last quarter. Insiders own 23.32% of the company's stock.

Porch Group Stock Down 1.4%

Shares of NASDAQ PRCH opened at $16.39 on Tuesday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 32.14 and a beta of 2.72. The firm's fifty day moving average is $13.25 and its 200 day moving average is $9.35. Porch Group, Inc. has a 52 week low of $1.15 and a 52 week high of $17.38.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.16. The business had revenue of $119.30 million for the quarter, compared to analyst estimates of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. Equities research analysts anticipate that Porch Group, Inc. will post -0.63 earnings per share for the current 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.

Want to see what other hedge funds are holding PRCH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Porch Group, Inc. (NASDAQ:PRCH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.