Porch Group, Inc. (NASDAQ:PRCH) Short Interest Update

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

Porch Group Stock Up 8.1 %

Shares of NASDAQ PRCH opened at $3.47 on Monday. The firm’s 50-day simple moving average is $3.60 and its 200 day simple moving average is $2.52. The company has a market cap of $338.67 million, a price-to-earnings ratio of -2.46 and a beta of 2.16. Porch Group has a 12-month low of $0.50 and a 12-month high of $4.78.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.13. The firm had revenue of $114.61 million during the quarter, compared to analysts’ expectations of $99.60 million. Porch Group had a negative return on equity of 1,182.09% and a negative net margin of 31.12%. During the same period in the previous year, the business posted ($0.32) EPS. On average, equities analysts expect that Porch Group will post -0.83 earnings per share for the current year.

Insider Activity

In other news, CFO Shawn Tabak sold 25,678 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $4.00, for a total value of $102,712.00. Following the sale, the chief financial officer now owns 311,351 shares in the company, valued at approximately $1,245,404. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 20.95% of the stock is owned by corporate insiders.

Institutional Trading of Porch Group

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

Analysts Set New Price Targets

PRCH has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $3.50 to $3.75 and gave the company a “market perform” rating in a research note on Friday, March 22nd. Stephens reiterated an “overweight” rating and set a $6.00 price target 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 research report on Wednesday, April 3rd.

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.