Panoramic Capital LLC Invests $2.86 Million in Porch Group, Inc. $PRCH

Panoramic Capital LLC purchased a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 189,900 shares of the company’s stock, valued at approximately $2,856,000. Porch Group makes up 1.2% of Panoramic Capital LLC’s investment portfolio, making the stock its 22nd biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. Granahan Investment Management LLC grew its position in Porch Group by 9.4% in the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after acquiring an additional 1,084,559 shares during the period. BlackRock Inc. purchased a new stake in Porch Group in the second quarter valued at $128,995,000. Vanguard Group Inc. lifted its stake in shares of Porch Group by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock valued at $66,779,000 after purchasing an additional 62,073 shares during the last quarter. Park West Asset Management LLC lifted its stake in shares of Porch Group by 131.3% in the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock valued at $46,106,000 after purchasing an additional 2,867,084 shares during the last quarter. Finally, GC Wealth Management RIA LLC purchased a new position in shares of Porch Group during the 1st quarter worth $29,230,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer directly owned 215,495 shares in the company, valued at $3,493,173.95. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 53,944 shares of company stock valued at $851,371. Insiders own 27.78% of the company’s stock.

Analysts Set New Price Targets

PRCH has been the subject of a number of recent analyst reports. Weiss Ratings raised Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Keefe, Bruyette & Woods upped their target price on shares of Porch Group from $16.25 to $16.50 and gave the company a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial increased their target price on shares of Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Cantor Fitzgerald lifted their price target on shares of Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Finally, Stephens started coverage on shares of Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 price target on the stock. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Porch Group currently has an average rating of “Moderate Buy” and an average target price of $18.79.

Porch Group Trading Down 1.1%

PRCH opened at $17.26 on Thursday. Porch Group, Inc. has a 52 week low of $6.36 and a 52 week high of $19.44. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 20.53. The business has a fifty day simple moving average of $14.69 and a 200-day simple moving average of $10.76. The firm has a market cap of $2.28 billion, a P/E ratio of -143.83 and a beta of 3.15.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.08. Porch Group had a negative return on equity of 68.47% and a negative net margin of 2.67%.The firm had revenue of $131.81 million for the quarter, compared to the consensus estimate of $122.30 million. On average, equities analysts expect that Porch Group, Inc. will post -0.09 earnings per share for the current year.

Porch Group Company 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.