Ashford Capital Management Inc. Has $4.99 Million Stock Holdings in Porch Group, Inc. $PRCH

Ashford Capital Management Inc. lifted its position in shares of Porch Group, Inc. (NASDAQ:PRCH) by 72.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 696,180 shares of the company’s stock after buying an additional 291,510 shares during the quarter. Ashford Capital Management Inc.’s holdings in Porch Group were worth $4,992,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PRCH. Granahan Investment Management LLC raised its holdings in Porch Group by 9.4% in the 1st quarter. Granahan Investment Management LLC now owns 12,674,987 shares of the company’s stock valued at $90,880,000 after buying an additional 1,084,559 shares during the last quarter. Vanguard Group Inc. grew its holdings in Porch Group by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 7,314,207 shares of the company’s stock worth $66,779,000 after acquiring an additional 62,073 shares during the last quarter. Park West Asset Management LLC grew its holdings in Porch Group by 131.3% during the 4th quarter. Park West Asset Management LLC now owns 5,050,000 shares of the company’s stock worth $46,106,000 after acquiring an additional 2,867,084 shares during the last quarter. GC Wealth Management RIA LLC acquired a new position in Porch Group in the 1st quarter valued at approximately $29,230,000. Finally, Invesco Ltd. increased its position in Porch Group by 448.4% in the 3rd quarter. Invesco Ltd. now owns 3,795,064 shares of the company’s stock valued at $63,681,000 after acquiring an additional 3,103,018 shares during the period. Institutional investors and hedge funds own 48.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $16.25 price target (up from $13.00) on shares of Porch Group in a report on Monday, July 13th. Stephens started coverage on Porch Group in a report on Monday, May 4th. They issued an “overweight” rating and a $12.00 price objective for the company. Benchmark raised their target price on Porch Group from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Porch Group in a report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Porch Group has an average rating of “Moderate Buy” and a consensus target price of $18.54.

Insiders Place Their Bets

In other Porch Group news, COO Matthew Neagle sold 64,274 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $9.79, for a total transaction of $629,242.46. Following the sale, the chief operating officer owned 2,297,724 shares of the company’s stock, valued at approximately $22,494,717.96. This represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Matt Ehrlichman sold 124,089 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $9.79, for a total value of $1,214,831.31. Following the completion of the transaction, the chief executive officer directly owned 16,564,822 shares in the company, valued at $162,169,607.38. This represents a 0.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,211,859 shares of company stock valued at $12,649,951 in the last three months. 27.78% of the stock is owned by insiders.

Porch Group Stock Performance

NASDAQ:PRCH opened at $12.71 on Tuesday. The company has a debt-to-equity ratio of 14.87, a quick ratio of 1.28 and a current ratio of 1.28. Porch Group, Inc. has a fifty-two week low of $6.36 and a fifty-two week high of $19.44. The company has a 50 day simple moving average of $12.12 and a two-hundred day simple moving average of $9.57. The company has a market capitalization of $1.62 billion, a PE ratio of -74.76 and a beta of 3.13.

Porch Group (NASDAQ:PRCH) last issued its quarterly earnings results on Tuesday, April 28th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. Porch Group had a negative net margin of 3.41% and a negative return on equity of 115.59%. The firm had revenue of $109.44 million for the quarter, compared to the consensus estimate of $94.72 million. Research analysts anticipate that Porch Group, Inc. will post -0.04 earnings per share for the current year.

About Porch Group

Porch Group, Inc operates a technology-driven home services platform designed to connect homeowners with professional contractors, maintenance providers and home improvement specialists. Through its online marketplace and proprietary software solutions, Porch enables users to research, compare and book services ranging from home repairs and remodeling to maintenance and renovations. The company’s platform integrates detailed provider profiles, customer reviews and real-time appointment scheduling to streamline the process of sourcing and managing home projects.

In addition to its core marketplace, Porch offers software products tailored for service professionals.