Short Interest in Porch Group, Inc. (NASDAQ:PRCH) Drops By 14.0%

Porch Group, Inc. (NASDAQ:PRCH) saw 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. Currently, 10.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,570,000 shares, the days-to-cover ratio is presently 5.0 days.

Insider Buying and Selling at Porch Group

In other Porch Group news, CFO Shawn Tabak sold 19,040 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $4.04, for a total value of $76,921.60. Following the transaction, the chief financial officer now owns 292,311 shares in the company, valued at $1,180,936.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 20.95% of the stock is currently owned by corporate insiders.

Institutional Trading of Porch Group

A number of hedge funds have recently made changes to their positions in the stock. Fidelity National Financial Inc. purchased a new position in Porch Group during the third quarter valued at $3,772,000. Granahan Investment Management LLC boosted 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 worth $36,624,000 after purchasing an additional 1,278,208 shares in the last quarter. Luminus Management LLC grew its position in Porch Group by 102.2% during 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. CastleKnight Management LP bought a new stake in Porch Group during the 4th quarter valued at about $631,000. Finally, AE Wealth Management LLC purchased a new position in Porch Group in the third quarter worth about $157,000. 48.48% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Porch Group Stock Down 0.9 %

Shares of PRCH stock opened at $3.44 on Tuesday. The stock has a market cap of $335.74 million, a price-to-earnings ratio of -2.44 and a beta of 2.16. The business’s fifty day moving average is $3.60 and its 200 day moving average is $2.54. Porch Group has a twelve month low of $0.50 and a twelve month high of $4.78.

Porch Group (NASDAQ:PRCH) last released its earnings results on Thursday, March 7th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.13. Porch Group had a negative net margin of 31.12% and a negative return on equity of 1,182.09%. The firm had revenue of $114.61 million for the quarter, compared to the consensus estimate of $99.60 million. During the same period in the prior year, the firm earned ($0.32) EPS. Equities research analysts expect that Porch Group will post -0.83 earnings per share for the current fiscal 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.