Porch Group, Inc. (NASDAQ:PRCH) Short Interest Down 14.0% in April

Porch Group, Inc. (NASDAQ:PRCH) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 7,800,000 shares, a decrease of 14.0% from the March 31st total of 9,070,000 shares. Based on an average daily trading volume, of 1,570,000 shares, the short-interest ratio is currently 5.0 days. Currently, 10.4% of the shares of the company are sold short.

Insider Activity at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 25,678 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $4.00, for a total transaction of $102,712.00. Following the transaction, the chief financial officer now owns 311,351 shares in the company, valued at approximately $1,245,404. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 20.95% of the stock is owned by company insiders.

Hedge Funds Weigh In On Porch Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Granahan Investment Management LLC lifted its stake in Porch Group by 12.0% in the 4th quarter. Granahan Investment Management LLC now owns 11,890,749 shares of the company’s stock valued at $36,624,000 after purchasing an additional 1,278,208 shares during the last quarter. Fidelity National Financial Inc. bought a new position in Porch Group in the 3rd quarter valued at approximately $3,772,000. Luminus Management LLC lifted its stake in Porch Group by 102.2% in the 3rd quarter. Luminus Management LLC now owns 2,275,000 shares of the company’s stock valued at $1,826,000 after purchasing an additional 1,150,000 shares during the last quarter. Moody National Bank Trust Division lifted its stake in Porch Group by 62.1% in the 4th quarter. Moody National Bank Trust Division now owns 317,377 shares of the company’s stock valued at $978,000 after purchasing an additional 121,629 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Porch Group by 30.3% during the fourth quarter. New York State Common Retirement Fund now owns 210,703 shares of the company’s stock valued at $649,000 after acquiring an additional 49,028 shares during the last quarter. Institutional investors own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Porch Group from $3.50 to $3.75 and gave the stock a “market perform” rating in a research report on Friday, March 22nd. Stephens restated an “overweight” rating and set a $6.00 target price on shares of Porch Group in a research report on Thursday, April 11th. Finally, Cantor Fitzgerald upped their price target on shares of Porch Group from $3.00 to $5.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd.

Porch Group Trading Down 7.3 %

Shares of Porch Group stock opened at $3.19 on Wednesday. The company has a 50 day moving average of $3.60 and a 200-day moving average of $2.54. Porch Group has a 1-year low of $0.50 and a 1-year high of $4.78. The company has a market cap of $311.34 million, a PE ratio of -2.26 and a beta of 2.16.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.13. The business had revenue of $114.61 million during the quarter, compared to the consensus estimate of $99.60 million. Porch Group had a negative net margin of 31.12% and a negative return on equity of 1,182.09%. During the same quarter in the prior year, the firm earned ($0.32) EPS. Research analysts forecast that Porch Group will post -0.83 earnings per share 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.