Park West Asset Management LLC Invests $53.19 Million in Porch Group, Inc. $PRCH

Park West Asset Management LLC purchased a new stake in Porch Group, Inc. (NASDAQ:PRCH) during the 2nd quarter, HoldingsChannel reports. The fund purchased 3,536,810 shares of the company’s stock, valued at approximately $53,194,000. Porch Group makes up approximately 3.6% of Park West Asset Management LLC’s holdings, making the stock its 9th largest position.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Porch Group in the second quarter valued at approximately $128,995,000. GC Wealth Management RIA LLC bought a new position in shares of Porch Group during the first quarter worth $29,230,000. Invesco Ltd. raised its holdings in Porch Group by 448.4% during the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock worth $63,681,000 after buying an additional 3,103,018 shares during the period. Granahan Investment Management LLC boosted its position in shares of Porch Group by 20.3% during the fourth quarter. Granahan Investment Management LLC now owns 11,590,428 shares of the company’s stock worth $105,821,000 after buying an additional 1,953,736 shares during the period. Finally, Jupiter Topco LLC bought a new position in shares of Porch Group during the 2nd quarter worth approximately $21,979,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Weiss Ratings upgraded Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Thursday, July 30th. Stephens started coverage on Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 price objective on the stock. Keefe, Bruyette & Woods raised their target price on shares of Porch Group from $16.25 to $16.50 and gave the stock a “market perform” rating in a report on Thursday, July 30th. Cantor Fitzgerald upped their price objective 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, B. Riley Financial boosted their price target on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.79.

Porch Group Stock Down 1.1%

Porch Group stock opened at $17.26 on Thursday. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of -143.83 and a beta of 3.15. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 20.53. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44. The firm’s fifty day moving average price is $14.69 and its two-hundred day moving average price is $10.76.

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

Insider Activity

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

Porch Group 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.