Porch Group, Inc. (NASDAQ:PRCH) Short Interest Down 15.7% in May

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) saw a large drop in short interest in May. As of May 15th, there was short interest totalling 10,720,000 shares, a drop of 15.7% from the April 30th total of 12,720,000 shares. Currently, 17.5% of the shares of the stock are short sold. Based on an average daily volume of 3,470,000 shares, the short-interest ratio is presently 3.1 days.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PRCH. Oppenheimer lifted their price objective on shares of Porch Group from $8.00 to $9.00 and gave the company an "outperform" rating in a research note on Wednesday, May 7th. Keefe, Bruyette & Woods lifted their price target on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Stephens lifted their price target on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Benchmark lifted their price target on shares of Porch Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Loop Capital reissued a "buy" rating and issued a $13.00 price target (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Porch Group presently has a consensus rating of "Buy" and a consensus price target of $8.89.

Insider Activity

In other news, COO Matthew Neagle sold 250,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $10.23, for a total value of $2,557,500.00. Following the sale, the chief operating officer now directly owns 1,198,080 shares in the company, valued at approximately $12,256,358.40. This trade represents a 17.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Shawn Tabak sold 10,000 shares of Porch Group stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total transaction of $53,400.00. Following the completion of the sale, the chief financial officer now owns 218,580 shares of the company's stock, valued at $1,167,217.20. This represents a 4.37% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 467,328 shares of company stock worth $4,404,523. Corporate insiders own 23.32% of the company's stock.

Hedge Funds Weigh In On Porch Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Porch Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock worth $352,000 after buying an additional 2,002 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Porch Group by 23.7% in the 1st quarter. GAMMA Investing LLC now owns 12,522 shares of the company's stock worth $91,000 after buying an additional 2,397 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of Porch Group by 5.6% in the 1st quarter. Deutsche Bank AG now owns 53,845 shares of the company's stock worth $393,000 after buying an additional 2,872 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Porch Group in the 1st quarter worth about $29,000. Finally, CWM LLC raised its stake in Porch Group by 112.2% in the 1st quarter. CWM LLC now owns 8,732 shares of the company's stock valued at $64,000 after acquiring an additional 4,617 shares during the period. 48.48% of the stock is owned by hedge funds and other institutional investors.

Porch Group Stock Performance

PRCH traded up $0.16 during mid-day trading on Wednesday, reaching $9.63. 1,575,869 shares of the stock were exchanged, compared to its average volume of 2,122,513. The company has a 50 day moving average price of $7.59 and a two-hundred day moving average price of $5.97. The stock has a market capitalization of $1.17 billion, a PE ratio of -13.76 and a beta of 2.63. Porch Group has a 1 year low of $1.05 and a 1 year high of $12.20.

Porch Group (NASDAQ:PRCH - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.09. The company had revenue of $104.75 million during the quarter, compared to analysts' expectations of $79.44 million. Sell-side analysts expect that Porch Group will post -0.63 EPS for the current fiscal year.

Porch Group Company 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.