Jupiter Topco LLC Acquires New Shares in Porch Group, Inc. $PRCH

Jupiter Topco LLC acquired a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,461,364 shares of the company’s stock, valued at approximately $21,979,000. Jupiter Topco LLC owned about 1.11% of Porch Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PRCH. Thompson Siegel & Walmsley LLC increased its holdings in Porch Group by 360.9% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 644,663 shares of the company’s stock worth $5,886,000 after purchasing an additional 504,803 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Porch Group by 42.0% in the first 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 in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Porch Group in the first quarter valued at about $1,015,000. Ashford Capital Management Inc. boosted its position in shares of Porch Group by 72.0% during the first quarter. Ashford Capital Management Inc. now owns 696,180 shares of the company’s stock worth $4,992,000 after buying an additional 291,510 shares during the period. Finally, Granahan Investment Management LLC grew its holdings in shares of 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 buying an additional 1,084,559 shares in the last quarter. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Porch Group Stock Performance

PRCH opened at $17.40 on Friday. Porch Group, Inc. has a 52-week low of $6.36 and a 52-week high of $19.44. The firm has a market capitalization of $2.29 billion, a PE ratio of -145.00 and a beta of 3.15. The company has a debt-to-equity ratio of 20.53, a quick ratio of 1.45 and a current ratio of 1.45. The business’s 50-day simple moving average is $14.89 and its 200 day simple moving average is $10.88.

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

Insider Activity at Porch Group

In other news, CFO Shawn Tabak sold 25,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,493,173.95. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through 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. Corporate insiders own 27.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on 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 upped their price target on Porch Group from $19.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Benchmark lifted their price objective on shares of Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Porch Group from a “sell (d-)” rating to a “sell (d+)” rating in a research report on Thursday, July 30th. Finally, Stephens initiated coverage on shares of Porch Group in a report on Monday, May 4th. They set an “overweight” rating and a $12.00 target price for the company. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.79.

About Porch Group

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.