Divisadero Street Capital Management LP Takes $28.81 Million Position in Porch Group, Inc. $PRCH

Divisadero Street Capital Management LP bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,443,612 shares of the company’s stock, valued at approximately $28,810,000. Porch Group comprises approximately 1.8% of Divisadero Street Capital Management LP’s holdings, making the stock its 12th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in Porch Group by 2.3% in the second quarter. Geode Capital Management LLC now owns 2,150,086 shares of the company’s stock valued at $25,354,000 after acquiring an additional 48,811 shares during the last quarter. Bank of Montreal Can raised its holdings in shares of Porch Group by 26.3% in the 2nd quarter. Bank of Montreal Can now owns 522,082 shares of the company’s stock valued at $6,155,000 after purchasing an additional 108,857 shares during the period. Zweig DiMenna Associates LLC raised its holdings in shares of Porch Group by 296.6% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 872,500 shares of the company’s stock valued at $10,287,000 after purchasing an additional 652,500 shares during the period. Calamos Advisors LLC acquired a new stake in Porch Group in the 2nd quarter valued at about $982,000. Finally, Hennessy Advisors Inc. bought a new position in Porch Group during the second quarter worth about $19,607,000. 48.48% of the stock is owned by institutional investors.

Insider Transactions at Porch Group

In related news, Director Amanda L. Reierson sold 50,000 shares of the firm’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $17.67, for a total transaction of $883,500.00. Following the transaction, the director directly owned 151,375 shares of the company’s stock, valued at approximately $2,674,796.25. This trade represents a 24.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Shawn Tabak sold 22,216 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $9.52, for a total transaction of $211,496.32. Following the completion of the sale, the chief financial officer directly owned 153,130 shares of the company’s stock, valued at $1,457,797.60. This represents a 12.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 127,216 shares of company stock valued at $2,122,946. 23.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PRCH has been the topic of several research analyst reports. The Goldman Sachs Group started coverage on Porch Group in a research note on Tuesday, September 2nd. They issued a “buy” rating and a $21.00 price objective on the stock. Oppenheimer set a $20.00 target price on Porch Group in a research note on Thursday, November 6th. B. Riley restated a “buy” rating on shares of Porch Group in a research note on Thursday, November 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $20.00 price target on shares of Porch Group in a report on Tuesday, September 2nd. Finally, Zacks Research raised shares of Porch Group from a “strong sell” rating to a “hold” rating in a research report on Thursday. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Porch Group Price Performance

Porch Group stock opened at $9.36 on Monday. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 32.28 and a beta of 3.11. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 36.18. Porch Group, Inc. has a 12 month low of $3.72 and a 12 month high of $19.44. The stock’s 50 day moving average is $13.11 and its 200-day moving average is $13.58.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Wednesday, November 5th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Porch Group had a negative return on equity of 51.86% and a net margin of 6.91%.The firm had revenue of $118.08 million for the quarter, compared to analyst estimates of $114.42 million. Equities research analysts expect that Porch Group, Inc. will post -0.63 EPS for the current year.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.