Alpha Wave Global LP Sells 2,013,263 Shares of Porch Group, Inc. (NASDAQ:PRCH)

Alpha Wave Global LP cut its stake in Porch Group, Inc. (NASDAQ:PRCH) by 86.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 304,910 shares of the company’s stock after selling 2,013,263 shares during the quarter. Porch Group comprises about 0.7% of Alpha Wave Global LP’s holdings, making the stock its 16th biggest holding. Alpha Wave Global LP’s holdings in Porch Group were worth $1,500,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its holdings in Porch Group by 5,776.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock worth $33,000 after buying an additional 6,527 shares during the period. Jones Financial Companies Lllp purchased a new position in shares of Porch Group in the 4th quarter valued at approximately $35,000. Rik Saylor Financial Inc. bought a new stake in shares of Porch Group during the fourth quarter valued at approximately $49,000. Raymond James Financial Inc. bought a new stake in shares of Porch Group during the fourth quarter valued at approximately $50,000. Finally, GAMMA Investing LLC purchased a new stake in Porch Group in the fourth quarter worth $50,000. 48.48% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Porch Group

In other news, CFO Shawn Tabak sold 108,226 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the transaction, the chief financial officer now directly owns 179,613 shares of the company’s stock, valued at $1,086,658.65. This represents a 37.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Matthew Neagle sold 60,000 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $6.24, for a total value of $374,400.00. Following the sale, the chief operating officer now directly owns 1,384,057 shares in the company, valued at $8,636,515.68. This trade represents a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,554 shares of company stock worth $1,273,590. Insiders own 23.46% of the company’s stock.

Porch Group Stock Up 4.3 %

Shares of PRCH opened at $5.29 on Friday. Porch Group, Inc. has a twelve month low of $1.05 and a twelve month high of $8.49. The company has a market capitalization of $635.14 million, a P/E ratio of -7.56 and a beta of 2.15. The firm has a 50 day moving average of $5.94 and a 200 day moving average of $4.45.

Wall Street Analysts Forecast Growth

PRCH has been the subject of several recent research reports. Oppenheimer raised their price objective on Porch Group from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Wednesday, February 26th. Stephens boosted their price objective on shares of Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research note on Wednesday, February 26th. Benchmark boosted their price target on Porch Group from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Finally, Keefe, Bruyette & Woods raised their price objective on Porch Group from $3.50 to $6.00 and gave the company a “market perform” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $7.32.

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.