Corient Private Wealth LP Makes New Investment in Porch Group, Inc. $PRCH

Corient Private Wealth LP acquired a new stake in Porch Group, Inc. (NASDAQ:PRCH) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 71,152 shares of the company’s stock, valued at approximately $1,070,000.

Other hedge funds have also added to or reduced their stakes in the company. Thompson Siegel & Walmsley LLC lifted its position in shares of Porch Group by 360.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock valued at $5,886,000 after buying an additional 504,803 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Porch Group by 42.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,540,082 shares of the company’s stock valued at $11,040,000 after purchasing an additional 455,817 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in Porch Group during the first quarter worth approximately $1,015,000. Ashford Capital Management Inc. increased its holdings in Porch Group by 72.0% in the 1st quarter. Ashford Capital Management Inc. now owns 696,180 shares of the company’s stock valued at $4,992,000 after buying an additional 291,510 shares during the period. Finally, Granahan Investment Management LLC lifted its stake 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 last quarter. Institutional investors own 48.48% of the company’s stock.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 25,000 shares of the 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 sale, the chief financial officer owned 215,495 shares in the company, valued at approximately $3,493,173.95. This represents a 10.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 27.78% of the stock is owned by company insiders.

Porch Group Price Performance

PRCH stock opened at $17.94 on Friday. The firm has a 50 day simple moving average of $15.35 and a two-hundred day simple moving average of $11.22. 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. The stock has a market cap of $2.37 billion, a PE ratio of -149.50 and a beta of 3.17.

Porch Group (NASDAQ:PRCH) last posted its quarterly earnings results 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. The business had revenue of $131.81 million during 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, analysts predict that Porch Group, Inc. will post -0.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Cantor Fitzgerald increased their target price on Porch Group from $13.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. Benchmark boosted their price target on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Keefe, Bruyette & Woods raised their price objective on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. B. Riley Financial raised their price target on shares of Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Five 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.42.

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.