Southpoint Capital Advisors LP Makes New Investment in Porch Group, Inc. (NASDAQ:PRCH)

Southpoint Capital Advisors LP bought a new position in shares of Porch Group, Inc. (NASDAQ:PRCH) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,800,000 shares of the company’s stock, valued at approximately $67,260,000. Southpoint Capital Advisors LP owned about 4.25% of Porch Group at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PRCH. Falcon Edge Capital LP acquired a new stake in Porch Group during the 4th quarter worth about $50,209,000. Sachem Head Capital Management LP acquired a new stake in shares of Porch Group during the 1st quarter worth approximately $55,755,000. Luxor Capital Group LP purchased a new position in shares of Porch Group during the 4th quarter valued at approximately $28,140,000. Polar Asset Management Partners Inc. acquired a new position in shares of Porch Group in the 1st quarter valued at $34,388,000. Finally, Nishkama Capital LLC acquired a new position in shares of Porch Group in the 1st quarter valued at $26,624,000. 52.86% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have weighed in on PRCH. Craig Hallum began coverage on shares of Porch Group in a report on Friday, March 26th. They issued a “buy” rating and a $27.00 price objective for the company. Oppenheimer initiated coverage on Porch Group in a research report on Monday, June 28th. They set an “outperform” rating and a $28.00 price target on the stock. Northland Securities reissued a “buy” rating on shares of Porch Group in a report on Thursday, April 1st. Cantor Fitzgerald initiated coverage on shares of Porch Group in a research report on Friday, May 14th. They set an “overweight” rating and a $20.00 price target for the company. Finally, Stephens started coverage on Porch Group in a report on Monday, May 10th. They issued an “overweight” rating and a $27.00 price objective on the stock. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Porch Group has a consensus rating of “Buy” and an average target price of $25.17.

In other Porch Group news, COO Matthew Neagle sold 1,500 shares of Porch Group stock in a transaction dated Friday, July 9th. The shares were sold at an average price of $19.49, for a total transaction of $29,235.00. Following the transaction, the chief operating officer now directly owns 322,250 shares of the company’s stock, valued at $6,280,652.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 19.20% of the stock is currently owned by company insiders.

Shares of NASDAQ:PRCH traded down $0.07 during midday trading on Thursday, hitting $17.84. The company had a trading volume of 19,160 shares, compared to its average volume of 859,652. Porch Group, Inc. has a twelve month low of $10.03 and a twelve month high of $24.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 7.07 and a current ratio of 7.07. The firm’s 50-day moving average is $18.20.

Porch Group (NASDAQ:PRCH) last issued its earnings results on Sunday, May 16th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.12). The business had revenue of $26.74 million during the quarter, compared to analyst estimates of $22.99 million. As a group, analysts predict that Porch Group, Inc. will post -0.61 earnings per share for the current fiscal year.

Porch Group Profile

Porch Group, Inc operates a software platform in the United States and Canada. It provides software and services under the ISN, HireAHelper, and Kandela brands to home services companies, such as home inspectors, homebuyers and homeowners, insurance carriers, moving companies, security companies, and TV/internet providers, as well as offers moving concierge services.

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Institutional Ownership by Quarter for Porch Group (NASDAQ:PRCH)

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