Southpoint Capital Advisors LP Takes Position in Porch Group, Inc. (NASDAQ:PRCH)

Southpoint Capital Advisors LP bought a new stake in Porch Group, Inc. (NASDAQ:PRCH) during the 1st quarter, HoldingsChannel reports. The fund bought 3,800,000 shares of the company’s stock, valued at approximately $67,260,000.

Several other large investors have also recently modified their holdings of the company. Verition Fund Management LLC purchased a new stake in Porch Group during the first quarter worth about $532,000. Davidson Kempner Capital Management LP purchased a new stake in Porch Group during the first quarter worth about $13,248,000. Cubist Systematic Strategies LLC purchased a new stake in Porch Group during the first quarter worth about $3,062,000. G2 Investment Partners Management LLC boosted its holdings in Porch Group by 152.0% during the first quarter. G2 Investment Partners Management LLC now owns 646,915 shares of the company’s stock worth $11,450,000 after buying an additional 390,243 shares in the last quarter. Finally, Park West Asset Management LLC purchased a new stake in Porch Group during the first quarter worth about $16,284,000. 52.86% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms recently commented on PRCH. Stephens began coverage on shares of Porch Group in a report on Monday, May 10th. They set an “overweight” rating and a $27.00 price objective on the stock. Craig Hallum began coverage on shares of Porch Group in a research report on Friday, March 26th. They set a “buy” rating and a $27.00 target price for the company. Zacks Investment Research cut shares of Porch Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Northland Securities restated a “buy” rating on shares of Porch Group in a research report on Thursday, April 1st. Finally, Oppenheimer began coverage on shares of Porch Group in a research report on Monday, June 28th. They set an “outperform” rating and a $28.00 target price for the company. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $25.17.

NASDAQ PRCH traded down $0.07 during mid-day trading on Thursday, reaching $17.84. 19,160 shares of the stock were exchanged, compared to its average volume of 859,652. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.07 and a current ratio of 7.07. Porch Group, Inc. has a 1-year low of $10.03 and a 1-year high of $24.41. The firm’s fifty day simple moving average is $18.20.

Porch Group (NASDAQ:PRCH) last released its earnings results on Sunday, May 16th. The company reported ($0.35) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.23) by ($0.12). The company had revenue of $26.74 million during the quarter, compared to analysts’ expectations of $22.99 million. As a group, equities analysts predict that Porch Group, Inc. will post -0.61 EPS for the current year.

In related news, COO Matthew Neagle sold 1,500 shares of the stock in a transaction on Friday, July 9th. The stock was sold at an average price of $19.49, for a total value of $29,235.00. Following the transaction, the chief operating officer now directly owns 322,250 shares of the company’s stock, valued at approximately $6,280,652.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 19.20% of the company’s stock.

Porch Group Profile

Porch Group, Inc operates a software platform in the United States and Canada. It provides software and services under the ISN, HireAHelper, and Kandela brands to home services companies, such as home inspectors, homebuyers and homeowners, insurance carriers, moving companies, security companies, and TV/internet providers, as well as offers moving concierge services.

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Institutional Ownership by Quarter for Porch Group (NASDAQ:PRCH)

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