Globeflex Capital L P Makes New $5.15 Million Investment in Porch Group, Inc. $PRCH

Globeflex Capital L P bought a new stake in shares of Porch Group, Inc. (NASDAQ:PRCH) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 342,376 shares of the company’s stock, valued at approximately $5,149,000. Globeflex Capital L P owned about 0.26% of Porch Group at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PRCH. Quantbot Technologies LP bought a new stake in shares of Porch Group in the second quarter worth $559,000. BlackRock Inc. bought a new position in Porch Group in the second quarter valued at about $128,995,000. Deutsche Bank AG purchased a new position in Porch Group in the second quarter worth about $1,510,000. Persistent Asset Partners Ltd purchased a new stake in shares of Porch Group during the 2nd quarter valued at about $103,000. Finally, Bank of New York Mellon Corp bought a new position in Porch Group in the second quarter worth approximately $5,608,000. 48.48% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Stephens assumed coverage on Porch Group in a research note on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective for the company. B. Riley Financial lifted their price objective on Porch Group from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Benchmark boosted their price objective on Porch Group from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Cantor Fitzgerald increased their target price on shares of Porch Group from $13.00 to $18.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. Finally, 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 research note on Thursday, July 30th. Six investment 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.79.

Porch Group Stock Performance

Shares of Porch Group stock opened at $17.09 on Monday. The company has a market capitalization of $2.25 billion, a P/E ratio of -142.42 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 company has a fifty day moving average of $14.34 and a 200 day moving average of $10.54. Porch Group, Inc. has a fifty-two week low of $6.36 and a fifty-two week high of $19.44.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results 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 return on equity of 68.47% and a negative net margin of 2.67%.The business had revenue of $131.81 million during the quarter, compared to analyst estimates of $122.30 million. On average, sell-side analysts anticipate that Porch Group, Inc. will post -0.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Shawn Tabak sold 25,000 shares of Porch Group stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $16.21, for a total transaction of $405,250.00. Following the sale, the chief financial officer owned 215,495 shares of the company’s stock, valued at approximately $3,493,173.95. This trade represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 83,944 shares of company stock worth $1,153,771 in the last three months. 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.