Ashford Capital Management Inc. Has $4.99 Million Stake in Porch Group, Inc. $PRCH

Key Points

• Ashford Capital Management increased its Porch Group stake by 72% in the first quarter, bringing its holdings to 696,180 shares valued at approximately $4.99 million. Institutional investors collectively own 48.48% of PRCH.
• Porch Group exceeded quarterly expectations, reporting adjusted EPS of negative $0.04 versus analyst estimates of negative $0.10 and revenue of $109.44 million versus the $94.72 million consensus.
• Analyst sentiment is generally positive, with six Buy ratings, two Holds and one Sell; the consensus rating is Moderate Buy with an average price target of $18.54, above the reported $12.71 share price.

Ashford Capital Management Inc. lifted its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 72.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 696,180 shares of the company's stock after buying an additional 291,510 shares during the period. Ashford Capital Management Inc. owned approximately 0.55% of Porch Group worth $4,992,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PRCH. Granahan Investment Management LLC increased its stake in Porch Group by 9.4% during the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after acquiring an additional 1,084,559 shares during the period. Vanguard Group Inc. grew its holdings in shares of Porch Group by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company's stock worth $66,779,000 after purchasing an additional 62,073 shares in the last quarter. Park West Asset Management LLC grew its holdings in shares of Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock worth $46,106,000 after purchasing an additional 2,867,084 shares in the last quarter. GC Wealth Management RIA LLC bought a new position in shares of Porch Group in the first quarter worth $29,230,000. Finally, Invesco Ltd. increased its position in shares of Porch Group by 448.4% in the third 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 period. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Price Performance

Shares of PRCH stock opened at $12.71 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a market cap of $1.62 billion, a P/E ratio of -74.76 and a beta of 3.13. The business has a fifty day simple moving average of $12.12 and a 200 day simple moving average of $9.57.

Porch Group (NASDAQ:PRCH - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analysts' expectations of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. On average, sell-side analysts forecast that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Insider Activity

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $16.13, for a total value of $403,250.00. Following the sale, the chief financial officer owned 240,495 shares in the company, valued at $3,879,184.35. This trade represents a 9.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Matthew Neagle sold 62,344 shares of the business's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total transaction of $609,724.32. Following the sale, the chief operating officer directly owned 1,990,705 shares in the company, valued at approximately $19,469,094.90. The trade was a 3.04% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,211,859 shares of company stock worth $12,649,951. Corporate insiders own 27.78% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRCH. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Porch Group in a research report on Friday, May 22nd. Stephens began coverage on shares of Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price on the stock. Benchmark raised their target price on shares of Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $16.25 target price (up from $13.00) on shares of Porch Group in a research report on Monday, July 13th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.54.

Porch Group 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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