Globeflex Capital L P Buys Shares of 342,376 Porch Group, Inc. $PRCH

Key Points

• Globeflex Capital bought a new position in Porch Group, purchasing 342,376 shares valued at about $2.46 million, giving it roughly 0.27% ownership of the company.
• Institutional interest in Porch Group remains notable, with hedge funds and other investors holding about 48.48% of the stock after several recent stake increases and new positions.
• Analysts are mixed but generally positive: the stock has a Moderate Buy consensus with an average price target of $18.54, even as some firms maintain hold or sell ratings.

Globeflex Capital L P purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 342,376 shares of the company's stock, valued at approximately $2,455,000. Globeflex Capital L P owned approximately 0.27% of Porch Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Osbon Capital Management LLC purchased a new stake in shares of Porch Group in the 4th quarter valued at $25,000. Aster Capital Management DIFC Ltd lifted its stake in Porch Group by 97.4% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock worth $27,000 after acquiring an additional 1,481 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Porch Group by 444.8% during the 3rd quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after acquiring an additional 1,499 shares during the period. Kemnay Advisory Services Inc. purchased a new position in Porch Group during the 4th quarter valued at about $38,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Porch Group by 697.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,390 shares of the company's stock valued at $67,000 after acquiring an additional 8,213 shares during the period. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Benchmark boosted their price target on shares of Porch Group from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Stephens assumed coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an "overweight" rating and a $12.00 price objective for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Porch Group in a report on Friday, May 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $16.25 target price (up from $13.00) on shares of Porch Group in a research note 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, Porch Group has an average rating of "Moderate Buy" and a consensus price target of $18.54.

Porch Group Price Performance

PRCH stock opened at $12.19 on Thursday. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The firm has a market capitalization of $1.56 billion, a P/E ratio of -71.70 and a beta of 3.13. The business's 50-day moving average is $12.00 and its two-hundred day moving average is $9.52. Porch Group, Inc. has a 1 year low of $6.36 and a 1 year high of $19.44.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%.The business had revenue of $109.44 million during the quarter, compared to analysts' expectations of $94.72 million. Analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Porch Group

In other news, CEO Matt Ehrlichman sold 124,089 shares of Porch Group stock in a transaction on Friday, May 1st. The shares were sold at an average price of $9.79, for a total transaction of $1,214,831.31. Following the completion of the sale, the chief executive officer directly owned 16,564,822 shares of the company's stock, valued at approximately $162,169,607.38. The trade was a 0.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Matthew Neagle sold 64,274 shares of the business's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $9.79, for a total transaction of $629,242.46. Following the transaction, the chief operating officer owned 2,297,724 shares of the company's stock, valued at approximately $22,494,717.96. The trade was a 2.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,593,228 shares of company stock valued at $15,658,844 in the last quarter. 27.78% of the stock is currently owned by company insiders.

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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