Park West Asset Management LLC Makes New $53.19 Million Investment in Porch Group, Inc. $PRCH

Park West Asset Management LLC acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,536,810 shares of the company's stock, valued at approximately $53,194,000. Porch Group comprises about 3.6% of Park West Asset Management LLC's investment portfolio, making the stock its 9th biggest position. Park West Asset Management LLC owned about 2.68% of Porch Group as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Granahan Investment Management LLC raised its position in shares of Porch Group by 9.4% in the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock worth $90,880,000 after buying an additional 1,084,559 shares during the period. BlackRock Inc. purchased a new stake in Porch Group during the second quarter valued at about $128,995,000. Vanguard Group Inc. increased its stake in Porch Group by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company's stock worth $66,779,000 after acquiring an additional 62,073 shares during the last quarter. GC Wealth Management RIA LLC acquired a new stake in Porch Group during the first quarter worth about $29,230,000. Finally, Invesco Ltd. raised its holdings in shares of Porch Group by 448.4% in 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 period. 48.48% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the sale, the chief financial officer directly owned 215,495 shares of the company's stock, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 53,944 shares of company stock worth $851,371. Company insiders own 27.78% of the company's stock.

Porch Group Stock Performance

PRCH stock opened at $17.26 on Thursday. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The stock's fifty day moving average is $14.69 and its two-hundred day moving average is $10.76. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -143.83 and a beta of 3.15. 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 released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.08. The company had revenue of $131.81 million during the quarter, compared to analysts' expectations of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. On average, research analysts predict that Porch Group, Inc. will post -0.09 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on PRCH. Cantor Fitzgerald lifted their price objective on Porch Group from $13.00 to $18.00 and gave the company an "overweight" rating in a research note on Thursday, July 30th. Stephens started coverage on shares of Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target 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. Benchmark boosted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Finally, Weiss Ratings raised shares of Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Thursday, July 30th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Porch Group currently has an average rating of "Moderate Buy" and a consensus target price of $18.79.

About Porch Group

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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