Zweig DiMenna Associates LLC Invests $1.60 Million in Porch Group, Inc. (NASDAQ:PRCH)

Key Points

• Zweig DiMenna Associates LLC has invested $1.60 million in Porch Group, acquiring 220,000 shares and holding 0.18% of the company as of the latest SEC filing.
• Several institutional investors, including Granahan Investment Management and Vanguard Group, have significantly increased their stakes in Porch Group during the fourth quarter.
• Porch Group recently reported earnings of $0.02 per share, exceeding estimates, with revenues of $104.75 million for the quarter, against a consensus estimate of $79.44 million.

Zweig DiMenna Associates LLC acquired a new position in Porch Group, Inc. (NASDAQ:PRCH - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 220,000 shares of the company's stock, valued at approximately $1,604,000. Zweig DiMenna Associates LLC owned 0.18% of Porch Group as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. Granahan Investment Management LLC boosted its stake in shares of Porch Group by 19.0% in the fourth 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 during the period. Vanguard Group Inc. boosted its stake in shares of Porch Group by 24.9% in the fourth quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock worth $27,117,000 after acquiring an additional 1,100,224 shares during the period. Portolan Capital Management LLC boosted its stake in shares of Porch Group by 476.0% in the fourth quarter. Portolan Capital Management LLC now owns 2,299,635 shares of the company's stock worth $11,314,000 after acquiring an additional 1,900,416 shares during the period. Geode Capital Management LLC boosted its stake in Porch Group by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,012,705 shares of the company's stock valued at $9,905,000 after buying an additional 24,824 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Porch Group by 4.2% during the fourth quarter. Renaissance Technologies LLC now owns 1,910,102 shares of the company's stock valued at $9,398,000 after buying an additional 76,701 shares during the last quarter. Institutional investors own 48.48% of the company's stock.

Porch Group Price Performance

NASDAQ:PRCH opened at $13.26 on Friday. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of -94.71 and a beta of 2.67. Porch Group, Inc. has a 1 year low of $1.05 and a 1 year high of $14.34. The business has a 50 day simple moving average of $11.34 and a 200-day simple moving average of $7.76.

Porch Group (NASDAQ:PRCH - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.09. The company had revenue of $104.75 million during the quarter, compared to the consensus estimate of $79.44 million. As a group, analysts expect that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Shawn Tabak sold 30,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $11.23, for a total value of $336,900.00. Following the sale, the chief financial officer directly owned 172,671 shares in the company, valued at approximately $1,939,095.33. This represents a 14.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Alan R. Pickerill sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $11.26, for a total value of $450,400.00. Following the completion of the sale, the director owned 182,416 shares in the company, valued at approximately $2,054,004.16. The trade was a 17.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 465,000 shares of company stock valued at $4,841,750. Corporate insiders own 23.32% of the company's stock.

Analyst Upgrades and Downgrades

PRCH has been the subject of a number of research reports. B. Riley initiated coverage on Porch Group in a research note on Tuesday, July 1st. They set a "buy" rating and a $15.00 price target for the company. Oppenheimer increased their price target on Porch Group from $9.00 to $14.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Benchmark increased their price target on Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods increased their price target on Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Finally, Loop Capital reissued a "buy" rating and set a $13.00 price target (up from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $10.28.

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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