UBS Group AG Boosts Stock Position in Porch Group, Inc. $PRCH

UBS Group AG raised its stake in shares of Porch Group, Inc. (NASDAQ:PRCH) by 20.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 535,952 shares of the company’s stock after acquiring an additional 89,924 shares during the period. UBS Group AG’s holdings in Porch Group were worth $4,893,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PRCH. Aster Capital Management DIFC Ltd increased its position in Porch Group by 956.3% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 1,521 shares of the company’s stock worth $26,000 after purchasing an additional 1,377 shares during the period. Larson Financial Group LLC increased its position in Porch Group by 444.8% during the 3rd 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. RiverPark Advisors LLC acquired a new position in Porch Group during the 3rd quarter worth approximately $39,000. State of Alaska Department of Revenue acquired a new position in Porch Group during the 3rd quarter worth approximately $80,000. Finally, State of Wyoming acquired a new position in Porch Group during the 2nd quarter worth approximately $111,000. Institutional investors and hedge funds own 48.48% of the company’s stock.

Trending Headlines about Porch Group

Here are the key news stories impacting Porch Group this week:

• Positive Sentiment: Porch Group said Homeowners of America launched homeowners insurance in Michigan, expanding its insurance footprint to a 22nd state and supporting its strategy to grow premium volume and cash flow over time. Porch Group Launches Insurance in Michigan
• Positive Sentiment: Recent quarterly results were stronger than expected, with Porch Group posting a smaller-than-expected loss and revenue well above analyst estimates, which may continue to support sentiment.
• Neutral Sentiment: Several institutions increased their holdings in the latest quarter, suggesting some professional investors remain constructive on the stock’s longer-term outlook.
• Negative Sentiment: CEO Matt Ehrlichman, COO Matthew Neagle, and CFO Shawn Tabak all sold shares this week, adding to a recent pattern of insider sales. The company said these transactions were tied to tax withholding from equity vesting, which reduces concern, but the volume of sales may still weigh on investor sentiment. Matt Ehrlichman insider sale

Analysts Set New Price Targets

PRCH has been the topic of several recent analyst reports. Stephens initiated coverage on Porch Group in a research report on Monday, May 4th. They set an “overweight” rating and a $12.00 target price on the stock. Keefe, Bruyette & Woods upgraded Porch Group from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $13.00 to $10.50 in a research report on Wednesday, February 11th. Zacks Research upgraded Porch Group from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Finally, Benchmark boosted their target price on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Porch Group presently has an average rating of “Moderate Buy” and an average target price of $17.21.

Porch Group Stock Performance

PRCH opened at $9.74 on Friday. The stock has a market cap of $1.24 billion, a P/E ratio of -57.29 and a beta of 3.24. The company has a debt-to-equity ratio of 14.87, a current ratio of 1.28 and a quick ratio of 1.28. The stock’s 50 day simple moving average is $8.33 and its 200 day simple moving average is $8.79. Porch Group, Inc. has a 1-year low of $6.36 and a 1-year high of $19.44.

Porch Group (NASDAQ:PRCH) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The business had revenue of $109.44 million for the quarter, compared to analysts’ expectations of $94.72 million. Porch Group had a negative return on equity of 115.59% and a negative net margin of 3.41%. As a group, equities analysts anticipate that Porch Group, Inc. will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Shawn Tabak sold 10,881 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $106,416.18. Following the sale, the chief financial officer owned 299,439 shares in the company, valued at $2,928,513.42. This represents a 3.51% decrease in their position. The transaction was disclosed in a legal filing 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. Also, COO Matthew Neagle sold 62,344 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $9.78, for a total value of $609,724.32. Following the completion of the sale, the chief operating officer owned 1,990,705 shares in the company, valued at approximately $19,469,094.90. This represents a 3.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 2,471,066 shares of company stock worth $21,849,927 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.