Monashee Investment Management LLC Acquires New Position in Porch Group, Inc. $PRCH

Key Points

• Monashee Investment Management LLC has acquired a new position in Porch Group, Inc., purchasing 1,550,000 shares valued at approximately $11.3 million, making it the fund's 13th largest position.
• Porch Group reported $0.03 EPS for the latest quarter, surpassing analysts' expectations, with revenue of $119.3 million compared to a consensus estimate of $98.06 million.
• Several institutional investors, including Vanguard and Invesco, have increased their stakes in Porch Group, highlighting strong institutional interest that now accounts for 48.48% of the company's stock ownership.

Monashee Investment Management LLC purchased a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,550,000 shares of the company's stock, valued at approximately $11,300,000. Porch Group makes up 1.3% of Monashee Investment Management LLC's portfolio, making the stock its 13th largest position. Monashee Investment Management LLC owned about 1.29% of Porch Group as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Granahan Investment Management LLC grew its holdings in Porch Group by 19.0% during the 4th quarter. Granahan Investment Management LLC now owns 11,891,581 shares of the company's stock worth $58,507,000 after acquiring an additional 1,897,816 shares in the last quarter. Vanguard Group Inc. grew its holdings in Porch Group by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 5,823,961 shares of the company's stock worth $42,457,000 after acquiring an additional 312,370 shares in the last quarter. Invesco Ltd. grew its holdings in Porch Group by 72.2% during the 1st quarter. Invesco Ltd. now owns 2,896,237 shares of the company's stock worth $21,114,000 after acquiring an additional 1,213,951 shares in the last quarter. Geode Capital Management LLC grew its holdings in Porch Group by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company's stock worth $9,905,000 after acquiring an additional 24,824 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in Porch Group during the 4th quarter worth approximately $8,550,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Price Performance

PRCH stock opened at $15.32 on Thursday. The company has a fifty day moving average price of $12.93 and a 200 day moving average price of $9.04. Porch Group, Inc. has a 12 month low of $1.15 and a 12 month high of $17.38. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 30.04 and a beta of 2.72.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Oppenheimer boosted their price target on shares of Porch Group from $14.00 to $17.00 and gave the stock an "outperform" rating in a report on Wednesday, August 6th. B. Riley started coverage on shares of Porch Group in a report on Tuesday, July 1st. They set a "buy" rating and a $15.00 price target for the company. Cantor Fitzgerald upgraded shares of Porch Group to a "strong-buy" rating in a research report on Friday, August 15th. Benchmark restated a "buy" rating and set a $17.00 price objective (up previously from $12.00) on shares of Porch Group in a research report on Wednesday, July 30th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Porch Group from $7.00 to $16.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Porch Group has a consensus rating of "Buy" and a consensus price target of $13.71.

Insider Buying and Selling at Porch Group

In related news, CFO Shawn Tabak sold 30,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $11.23, for a total value of $336,900.00. Following the completion of the sale, the chief financial officer owned 172,671 shares in the company, valued at $1,939,095.33. This represents a 14.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Matthew Neagle sold 60,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $9.94, for a total transaction of $596,400.00. Following the completion of the sale, the chief operating officer owned 1,078,080 shares of the company's stock, valued at approximately $10,716,115.20. This trade represents a 5.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 180,000 shares of company stock worth $2,032,700 in the last 90 days. Company insiders own 23.32% of the company's stock.

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.

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