Arrowstreet Capital Limited Partnership Invests $1.01 Million in Porch Group, Inc. $PRCH

Key Points

• Arrowstreet Capital initiated a $1.01 million position in Porch Group, purchasing 141,505 shares, while institutional investors collectively own 48.48% of the company.
• Porch Group’s latest quarterly results exceeded expectations, with EPS of $0.05 versus a consensus loss of $0.03 and revenue of $131.81 million compared with estimates of $122.30 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $18.79, compared with the reported share price of $15.44.

Arrowstreet Capital Limited Partnership bought a new stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 141,505 shares of the company's stock, valued at approximately $1,015,000. Arrowstreet Capital Limited Partnership owned approximately 0.11% of Porch Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. raised its position in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock worth $63,681,000 after purchasing an additional 3,103,018 shares during the last quarter. Park West Asset Management LLC lifted its holdings in Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock valued at $46,106,000 after purchasing an additional 2,867,084 shares in the last quarter. Granahan Investment Management LLC lifted its holdings in Porch Group by 20.3% in the 4th quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock valued at $105,821,000 after purchasing an additional 1,953,736 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Porch Group by 264.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,084,265 shares of the company's stock worth $9,899,000 after purchasing an additional 786,583 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Porch Group during the third quarter worth about $12,747,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Stock Performance

Porch Group stock opened at $15.44 on Friday. The company has a market cap of $1.97 billion, a price-to-earnings ratio of -128.67 and a beta of 3.15. Porch Group, Inc. has a 12 month low of $6.36 and a 12 month high of $19.44. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45. The stock's 50-day moving average is $12.89 and its 200-day moving average is $9.88.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.03) by $0.08. The firm had revenue of $131.81 million during the quarter, compared to the consensus estimate of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. Equities analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Analysts Set New Price Targets

PRCH has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $16.25 to $16.50 and gave the company a "market perform" rating in a research report on Thursday, July 30th. Stephens began coverage on Porch Group in a research note on Monday, May 4th. They set an "overweight" rating and a $12.00 price target on the stock. Cantor Fitzgerald raised their price objective on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. B. Riley Financial lifted their price objective on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday. Finally, Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $18.79.

Insider Activity at Porch Group

In other Porch Group news, COO Matthew Neagle sold 63,650 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $10.52, for a total value of $669,598.00. Following the transaction, the chief operating officer directly owned 2,113,032 shares of the company's stock, valued at $22,229,096.64. This trade represents a 2.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 30,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $10.08, for a total transaction of $302,400.00. Following the completion of the sale, the chief financial officer directly owned 269,439 shares of the company's stock, valued at $2,715,945.12. This trade represents a 10.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 636,430 shares of company stock worth $6,646,889. 27.78% of the stock is currently owned by corporate insiders.

Porch Group Company Profile

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company's platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.

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