Short Interest in Porch Group, Inc. (NASDAQ:PRCH) Drops By 15.7%

Porch Group, Inc. (NASDAQ:PRCH - Get Free Report) saw a large drop in short interest in the month of 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. Approximately 17.5% of the company's stock are sold short. Based on an average daily trading volume, of 3,470,000 shares, the short-interest ratio is presently 3.1 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on PRCH shares. Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $6.00 to $7.00 and gave the stock a "market perform" rating in a research report on Wednesday, May 7th. Benchmark lifted 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. Oppenheimer boosted their price objective on Porch Group from $8.00 to $9.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Stephens raised their target price on Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Finally, Loop Capital reaffirmed a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research report on Wednesday, May 14th. One investment 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $8.89.

Porch Group Stock Performance

Shares of Porch Group stock traded up $1.53 during mid-day trading on Friday, hitting $10.86. 4,536,855 shares of the stock were exchanged, compared to its average volume of 2,135,889. Porch Group has a 12 month low of $1.05 and a 12 month high of $12.20. The company has a 50-day simple moving average of $7.63 and a 200 day simple moving average of $6.01. The company has a market capitalization of $1.32 billion, a P/E ratio of -15.51 and a beta of 2.63.

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

Insider Activity

In other Porch Group news, COO Matthew Neagle sold 60,000 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $6.24, for a total value of $374,400.00. Following the transaction, the chief operating officer now owns 1,384,057 shares in the company, valued at approximately $8,636,515.68. This represents a 4.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Shawn Tabak sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $5.34, for a total value of $53,400.00. Following the sale, the chief financial officer now owns 218,580 shares of the company's stock, valued at approximately $1,167,217.20. This represents a 4.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 467,328 shares of company stock worth $4,404,523 in the last three months. Company 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 PRCH. Arrowstreet Capital Limited Partnership bought a new stake in Porch Group in the fourth quarter worth about $176,000. JPMorgan Chase & Co. increased its stake in shares of Porch Group by 225.1% during the 4th quarter. JPMorgan Chase & Co. now owns 730,340 shares of the company's stock worth $3,593,000 after purchasing an additional 505,660 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Porch Group by 24.9% during the 4th quarter. Vanguard Group Inc. now owns 5,511,591 shares of the company's stock worth $27,117,000 after purchasing an additional 1,100,224 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Porch Group by 91.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 11,017 shares of the company's stock worth $54,000 after purchasing an additional 5,273 shares during the period. Finally, MetLife Investment Management LLC purchased a new position in Porch Group in the fourth quarter valued at approximately $245,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

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.