Alpha Wave Global LP Acquires 82,690 Shares of Porch Group, Inc. $PRCH

Alpha Wave Global LP increased its position in Porch Group, Inc. (NASDAQ:PRCH) by 53.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 237,905 shares of the company’s stock after purchasing an additional 82,690 shares during the quarter. Porch Group makes up 0.3% of Alpha Wave Global LP’s holdings, making the stock its 23rd largest position. Alpha Wave Global LP owned about 0.20% of Porch Group worth $2,805,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. AlphaQuest LLC purchased a new stake in shares of Porch Group during the second quarter valued at approximately $33,000. CWM LLC grew its position in Porch Group by 20.1% during the 2nd quarter. CWM LLC now owns 10,485 shares of the company’s stock valued at $124,000 after purchasing an additional 1,753 shares during the last quarter. Jaffetilchin Investment Partners LLC bought a new stake in shares of Porch Group during the 2nd quarter valued at about $130,000. Ieq Capital LLC bought a new position in shares of Porch Group in the first quarter worth approximately $81,000. Finally, Creative Planning bought a new stake in Porch Group in the 2nd quarter valued at $136,000. Institutional investors own 48.48% of the company’s stock.

Insider Buying and Selling

In other news, COO Matthew Neagle sold 55,000 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $18.69, for a total value of $1,027,950.00. Following the sale, the chief operating officer directly owned 999,784 shares in the company, valued at approximately $18,685,962.96. This trade represents a 5.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amanda L. Reierson sold 50,000 shares of Porch Group stock in a transaction on Friday, September 12th. The shares were sold at an average price of $17.67, for a total value of $883,500.00. Following the completion of the transaction, the director 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 disclosure for this sale is available in the SEC filing. Insiders own 23.32% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Weiss Ratings upgraded shares of Porch Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. B. Riley reaffirmed a “buy” rating on shares of Porch Group in a research report on Thursday, November 6th. Keefe, Bruyette & Woods raised their price objective on Porch Group from $7.00 to $16.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 13th. Oppenheimer set a $20.00 target price on Porch Group in a report on Thursday, November 6th. Finally, The Goldman Sachs Group began coverage on Porch Group in a research report on Tuesday, September 2nd. They set a “buy” rating and a $21.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.00.

Porch Group Stock Up 1.3%

NASDAQ:PRCH opened at $9.64 on Friday. Porch Group, Inc. has a 52 week low of $3.72 and a 52 week high of $19.44. The stock’s fifty day moving average is $13.27 and its two-hundred day moving average is $13.53. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 33.24 and a beta of 3.11. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 36.18.

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

Porch Group Profile

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.