Quantbot Technologies LP Acquires New Holdings in Porch Group, Inc. $PRCH

Quantbot Technologies LP purchased a new position in Porch Group, Inc. (NASDAQ:PRCH) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 37,193 shares of the company’s stock, valued at approximately $559,000.

Other hedge funds have also made changes to their positions in the company. Granahan Investment Management LLC boosted its position in Porch Group by 9.4% during the first quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock worth $90,880,000 after purchasing an additional 1,084,559 shares during the period. BlackRock Inc. acquired a new stake in shares of Porch Group in the second quarter worth $128,995,000. Vanguard Group Inc. boosted its holdings in shares of Porch Group by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock worth $66,779,000 after buying an additional 62,073 shares during the period. Park West Asset Management LLC boosted its holdings in shares of Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock worth $46,106,000 after buying an additional 2,867,084 shares during the period. Finally, GC Wealth Management RIA LLC acquired a new position in Porch Group in the 1st quarter valued at $29,230,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Insiders Place Their Bets

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total value of $405,250.00. Following the completion of the transaction, the chief financial officer owned 215,495 shares in the company, valued at approximately $3,493,173.95. The trade was a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 53,944 shares of company stock worth $851,371. Company insiders own 27.78% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PRCH. Stephens assumed coverage on Porch Group in a research report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective for the company. Benchmark boosted their target price on shares of Porch Group from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. B. Riley Financial increased their price target on shares of Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Cantor Fitzgerald raised their price target on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods raised their price objective on Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Six equities research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Porch Group Price Performance

Porch Group stock opened at $17.44 on Friday. The company has a market capitalization of $2.30 billion, a PE ratio of -145.33 and a beta of 3.15. The business has a 50 day simple moving average of $14.79 and a 200 day simple moving average of $10.83. Porch Group, Inc. has a one year low of $6.36 and a one year high of $19.44. The company has a debt-to-equity ratio of 20.53, a current ratio of 1.45 and a quick ratio of 1.45.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.08. The firm had revenue of $131.81 million for the quarter, compared to analyst estimates of $122.30 million. Porch Group had a negative net margin of 2.67% and a negative return on equity of 68.47%. On average, sell-side analysts forecast that Porch Group, Inc. will post -0.09 EPS for the current fiscal 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.