Zweig DiMenna Associates LLC Sells 489,700 Shares of Porch Group, Inc. $PRCH

Key Points

• Zweig DiMenna Associates cut its Porch Group stake by 36.8% in the first quarter, selling 489,700 shares and leaving it with 839,500 shares worth about $6.0 million.
• Insider selling continued, with CEO Matt Ehrlichman selling 124,089 shares for about $1.21 million; company insiders have sold 1.97 million shares over the last 90 days.
• Analysts remain mixed but generally positive: Porch Group has a consensus “Moderate Buy” rating and average price target of $18.54, even after some firms kept hold/sell views. The stock rose 2.5% to $13.75 and the company reported Q1 earnings and revenue that beat estimates.

Zweig DiMenna Associates LLC lowered its stake in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 36.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 839,500 shares of the company's stock after selling 489,700 shares during the quarter. Zweig DiMenna Associates LLC owned about 0.67% of Porch Group worth $6,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PRCH. Osbon Capital Management LLC bought a new stake in shares of Porch Group in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd lifted its position in shares of Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company's stock worth $27,000 after buying an additional 1,481 shares in the last quarter. Larson Financial Group LLC boosted its stake in Porch Group by 444.8% during the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company's stock valued at $31,000 after buying an additional 1,499 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in Porch Group during the fourth quarter valued at approximately $38,000. Finally, Marble Harbor Investment Counsel LLC bought a new position in Porch Group during the fourth quarter valued at approximately $97,000. Institutional investors own 48.48% of the company's stock.

Insider Buying and Selling

In related news, CEO Matt Ehrlichman sold 124,089 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31. Following the sale, the chief executive officer directly owned 16,564,822 shares of the company's stock, valued at $162,169,607.38. This represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 1,966,208 shares of company stock worth $18,642,140. Corporate insiders own 27.78% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PRCH shares. Benchmark raised their price target on Porch Group from $21.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $16.25 price objective (up from $13.00) on shares of Porch Group in a report on Monday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Porch Group in a research report on Friday, May 22nd. Finally, Stephens began coverage on shares of Porch Group in a report on Monday, May 4th. They issued an "overweight" rating and a $12.00 target price for the company. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $18.54.

Porch Group Stock Up 2.5%

NASDAQ PRCH opened at $13.75 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 14.87. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of -80.88 and a beta of 3.13. The company has a fifty day moving average of $11.70 and a two-hundred day moving average of $9.34.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. On average, analysts predict that Porch Group, Inc. will post -0.04 earnings per share for the current year.

Porch Group Profile

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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