Squarepoint Ops LLC Boosts Position in Porch Group, Inc. $PRCH

Squarepoint Ops LLC grew its holdings in Porch Group, Inc. (NASDAQ:PRCH) by 121.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 124,693 shares of the company’s stock after acquiring an additional 68,326 shares during the period. Squarepoint Ops LLC owned about 0.10% of Porch Group worth $1,470,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP purchased a new position in shares of Porch Group in the 2nd quarter valued at about $28,810,000. Hennessy Advisors Inc. acquired a new stake in Porch Group in the second quarter valued at approximately $19,607,000. Driehaus Capital Management LLC increased its position in shares of Porch Group by 84.6% in the first quarter. Driehaus Capital Management LLC now owns 3,208,312 shares of the company’s stock valued at $23,389,000 after buying an additional 1,470,580 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Porch Group by 55.2% during the 2nd quarter. Marshall Wace LLP now owns 3,341,484 shares of the company’s stock worth $39,396,000 after buying an additional 1,188,273 shares during the period. Finally, Acadian Asset Management LLC raised its stake in shares of Porch Group by 92.5% during the 1st quarter. Acadian Asset Management LLC now owns 1,619,752 shares of the company’s stock worth $11,800,000 after buying an additional 778,240 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Shawn Tabak sold 24,294 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $9.66, for a total value of $234,680.04. Following the completion of the sale, the chief financial officer owned 118,130 shares of the company’s stock, valued at approximately $1,141,135.80. This trade represents a 17.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 57,216 shares of company stock valued at $553,129 in the last ninety days. 23.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PRCH has been the subject of several recent analyst reports. Zacks Research raised shares of Porch Group from a “strong sell” rating to a “hold” rating in a report on Thursday, December 4th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $20.00 target price on shares of Porch Group in a research report on Tuesday, September 2nd. Benchmark reissued a “buy” rating on shares of Porch Group in a research note on Tuesday, November 25th. B. Riley reaffirmed a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Finally, Weiss Ratings lowered Porch Group from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

Porch Group Price Performance

Shares of NASDAQ PRCH opened at $8.94 on Friday. The firm has a 50-day simple moving average of $11.78 and a 200-day simple moving average of $13.51. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 36.18. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 30.83 and a beta of 3.11. Porch Group, Inc. has a 52 week low of $3.72 and a 52 week high of $19.44.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The business had revenue of $118.08 million for the quarter, compared to analysts’ expectations of $114.42 million. Porch Group had a net margin of 6.91% and a negative return on equity of 51.86%. On average, equities analysts predict that Porch Group, Inc. will post -0.63 earnings per share for the current fiscal year.

About Porch Group

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.