Zweig DiMenna Associates LLC Reduces Stock Position in Porch Group, Inc. $PRCH

Zweig DiMenna Associates LLC lessened its holdings in Porch Group, Inc. (NASDAQ:PRCH) by 36.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 839,500 shares of the company’s stock after selling 489,700 shares during the quarter. Zweig DiMenna Associates LLC’s holdings in Porch Group were worth $6,019,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC increased its stake in Porch Group by 444.8% in the third quarter. Larson Financial Group LLC now owns 1,836 shares of the company’s stock worth $31,000 after purchasing an additional 1,499 shares during the period. Osbon Capital Management LLC purchased a new stake in shares of Porch Group during the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd grew its holdings in shares of Porch Group by 97.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 3,002 shares of the company’s stock worth $27,000 after purchasing an additional 1,481 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Porch Group in the fourth quarter worth about $38,000. Finally, State of Wyoming purchased a new position in Porch Group in the 2nd quarter worth about $111,000. Hedge funds and other institutional investors own 48.48% of the company’s stock.

Insider Transactions at Porch Group

In other Porch Group news, CEO Matt Ehrlichman sold 124,089 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $9.79, for a total transaction of $1,214,831.31. Following the transaction, the chief executive officer owned 16,564,822 shares of the company’s stock, valued at approximately $162,169,607.38. This trade represents a 0.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,966,208 shares of company stock worth $18,642,140. 27.78% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PRCH shares. Benchmark lifted their price objective on shares of Porch Group from $21.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Porch Group in a research note on Friday, May 22nd. Stephens began coverage on shares of Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 target price on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $16.25 price target (up from $13.00) on shares of Porch Group in a research note on Monday. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.54.

Porch Group Price Performance

Shares of PRCH stock opened at $13.75 on Wednesday. Porch Group, Inc. has a twelve month low of $6.36 and a twelve month high of $19.44. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 14.87. The stock has a fifty day simple moving average of $11.70 and a two-hundred day simple moving average of $9.34. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of -80.88 and a beta of 3.13.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm had revenue of $109.44 million for the quarter, compared to analyst estimates of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. On average, analysts predict that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

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.