Porch Group, Inc. $PRCH Stake Reduced by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management cut its Porch Group stake by 76.1% in the second quarter, selling 284,912 shares and retaining 89,568 shares worth approximately $1.35 million. Institutional investors collectively own 48.48% of the company.
• Analysts remain broadly optimistic, with five Buy ratings, two Holds, and one Sell rating. Porch Group’s average price target is $18.42, while recent targets range from $16.50 to $23.00.
• Porch Group reported quarterly revenue of $131.81 million, exceeding estimates of $122.30 million, and posted adjusted earnings of $0.05 per share versus expectations for a $0.03 loss. Shares opened at $16.45, near the middle of their 52-week range.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its holdings in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 76.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 89,568 shares of the company's stock after selling 284,912 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.07% of Porch Group worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in PRCH. Granahan Investment Management LLC lifted its stake in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company's stock valued at $90,880,000 after purchasing an additional 1,084,559 shares during the last quarter. BlackRock Inc. acquired a new position in Porch Group in the second quarter worth approximately $128,995,000. Park West Asset Management LLC increased its holdings in shares of Porch Group by 131.3% in the fourth quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company's stock valued at $46,106,000 after buying 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 valued at $29,230,000. Finally, Invesco Ltd. lifted its position in shares of Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company's stock valued at $63,681,000 after acquiring an additional 3,103,018 shares during the last quarter. Institutional investors own 48.48% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PRCH shares. Weiss Ratings raised Porch Group from a "sell (d-)" rating to a "sell (d+)" rating in a research note on Thursday, July 30th. Cantor Fitzgerald boosted their target price on Porch Group from $13.00 to $18.00 and gave the stock an "overweight" rating in a research report on Thursday, July 30th. Benchmark upped their target price on Porch Group from $22.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, July 30th. B. Riley Financial increased their price target on Porch Group from $19.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods lifted their price target on Porch Group from $16.25 to $16.50 and gave the stock a "market perform" rating in a research note on Thursday, July 30th. Five 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.42.

Porch Group Stock Up 1.0%

Shares of NASDAQ:PRCH opened at $16.45 on Friday. 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 company has a market cap of $2.17 billion, a PE ratio of -137.08 and a beta of 3.17. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The firm has a 50 day simple moving average of $15.51 and a 200 day simple moving average of $11.51.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.08. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. The firm had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. As a group, research analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Insider Activity

In other news, CFO Shawn Tabak sold 25,000 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was 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 owned 215,495 shares of the company's stock, valued at $3,493,173.95. This trade represents a 10.40% 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. 27.78% of the stock is owned by insiders.

Porch Group Company Profile

Porch Group, Inc is a technology company that provides software and services for the residential real estate and home services industries. Its platform is designed to help home service businesses manage operations, attract customers, and support homeowners throughout the process of buying, moving into, maintaining, and improving a home.

The company's products and services have included software for home inspectors, moving companies, contractors, and other service providers. Porch has also operated businesses connected with homeowners insurance and related services, although its portfolio and operating structure have changed over time as the company has adjusted its strategy.

Founded in 2012, Porch Group is headquartered in Seattle, Washington, and primarily serves the U.S.

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