Porch Group, Inc. $PRCH Shares Bought by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Porch Group stake by 42% in the first quarter, purchasing 455,817 additional shares and bringing its holdings to 1.54 million shares, or about 1.24% of the company. Institutional investors collectively own 48.48% of PRCH.
• Porch Group reported quarterly EPS of $0.05, beating the consensus estimate of a $0.03 loss, while revenue of $131.81 million exceeded estimates of $122.30 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $18.79.
• PRCH shares opened at $15.85, compared with a 52-week range of $6.36 to $19.44. Company insiders sold 661,430 shares worth approximately $7.05 million during the last quarter, including sales by the COO and CFO.

Dimensional Fund Advisors LP lifted its position in shares of Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 42.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,540,082 shares of the company's stock after buying an additional 455,817 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.24% of Porch Group worth $11,040,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PRCH. Thompson Siegel & Walmsley LLC raised its holdings in Porch Group by 360.9% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company's stock valued at $5,886,000 after acquiring an additional 504,803 shares during the last quarter. Granahan Investment Management LLC boosted its holdings in shares of Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company's stock worth $105,821,000 after purchasing an additional 1,953,736 shares during the last quarter. Zweig DiMenna Associates LLC boosted its holdings in shares of Porch Group by 36.9% during the fourth quarter. Zweig DiMenna Associates LLC now owns 1,329,200 shares of the company's stock worth $12,136,000 after purchasing an additional 358,400 shares during the last quarter. RAM Investment Partners LLC purchased a new stake in shares of Porch Group in the fourth quarter valued at $872,000. Finally, Citizens Financial Group Inc. RI grew its position in shares of Porch Group by 48.2% in the fourth quarter. Citizens Financial Group Inc. RI now owns 212,068 shares of the company's stock valued at $1,936,000 after purchasing an additional 69,004 shares during the period. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Price Performance

Shares of Porch Group stock opened at $15.85 on Monday. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The stock has a market capitalization of $2.09 billion, a P/E ratio of -132.08 and a beta of 3.15. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. The business's fifty day moving average price is $13.00 and its 200 day moving average price is $9.93.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 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 analyst estimates of $122.30 million. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%. As a group, research analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PRCH. B. Riley Financial increased their target price on Porch Group from $19.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Weiss Ratings upgraded Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a report on Thursday, July 30th. Keefe, Bruyette & Woods upped 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 note on Thursday, July 30th. Cantor Fitzgerald increased their price objective on shares of Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a report on Thursday, July 30th. Finally, Benchmark raised their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Porch Group has a consensus rating of "Moderate Buy" and an average target price of $18.79.

Insider Transactions at Porch Group

In related news, COO Matthew Neagle sold 62,344 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $9.78, for a total transaction of $609,724.32. Following the completion of the sale, the chief operating officer owned 1,990,705 shares of the company's stock, valued at approximately $19,469,094.90. This represents a 3.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares in the company, valued at $3,493,173.95. The trade was a 10.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 661,430 shares of company stock worth $7,052,139. 27.78% of the stock is currently owned by company insiders.

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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