Wedmont Private Capital Acquires New Shares in Porch Group, Inc. (NASDAQ:PRCH)

Wedmont Private Capital purchased a new position in Porch Group, Inc. (NASDAQ:PRCH) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 49,796 shares of the company’s stock, valued at approximately $215,000. Wedmont Private Capital owned approximately 0.05% of Porch Group at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quadrature Capital Ltd bought a new stake in shares of Porch Group during the fourth quarter worth $189,000. Granahan Investment Management LLC increased 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 in the last quarter. CastleKnight Management LP acquired a new stake in shares of Porch Group in the 4th quarter valued at about $631,000. Cape Investment Advisory Inc. bought a new stake in shares of Porch Group in the fourth quarter valued at about $39,000. Finally, Jump Financial LLC acquired a new position in shares of Porch Group during the fourth quarter worth about $174,000. 48.48% of the stock is currently owned by institutional investors and hedge funds.

Porch Group Stock Up 5.1 %

NASDAQ PRCH opened at $1.55 on Monday. The firm’s fifty day moving average price is $2.59 and its two-hundred day moving average price is $2.91. Porch Group, Inc. has a 1 year low of $0.50 and a 1 year high of $4.78.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.12. The firm had revenue of $115.44 million for the quarter, compared to the consensus estimate of $102.60 million. Porch Group had a negative return on equity of 1,182.09% and a negative net margin of 23.68%. On average, analysts anticipate that Porch Group, Inc. will post -0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PRCH shares. Keefe, Bruyette & Woods lifted their target price on Porch Group from $3.50 to $3.75 and gave the company 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 report on Thursday, April 11th. Finally, Cantor Fitzgerald lifted their price target on shares of Porch Group from $3.00 to $5.00 and gave the company an “overweight” rating in a research note on Wednesday, April 3rd.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $2.02, for a total transaction of $30,300.00. Following the completion of the sale, the chief financial officer now owns 295,142 shares in the company, valued at approximately $596,186.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 23.46% of the company’s stock.

Porch Group Company 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.