Quadrature Capital Ltd Buys New Holdings in Porch Group, Inc. (NASDAQ:PRCH)

Quadrature Capital Ltd bought a new stake in Porch Group, Inc. (NASDAQ:PRCH) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 61,435 shares of the company’s stock, valued at approximately $189,000. Quadrature Capital Ltd owned approximately 0.06% of Porch Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PRCH. Granahan Investment Management LLC boosted its stake 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 valued at $36,624,000 after purchasing an additional 1,278,208 shares during the last quarter. Luminus Management LLC boosted its stake 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. Moody National Bank Trust Division boosted its stake 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 valued at $978,000 after purchasing an additional 121,629 shares during the last quarter. New York State Common Retirement Fund boosted its stake 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 valued at $649,000 after purchasing an additional 49,028 shares during the last quarter. Finally, CastleKnight Management LP acquired a new position in Porch Group during the 4th quarter valued at about $631,000. 48.48% of the stock is owned by institutional investors.

Porch Group Price Performance

Shares of PRCH stock opened at $1.51 on Friday. The company’s fifty day simple moving average is $2.44 and its two-hundred day simple moving average is $2.88. Porch Group, Inc. has a 1 year low of $0.50 and a 1 year high of $4.78. The stock has a market capitalization of $149.78 million, a price-to-earnings ratio of -1.32 and a beta of 2.11.

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

Insider Activity

In related news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $2.02, for a total value of $30,300.00. Following the sale, the chief financial officer now directly owns 295,142 shares of the company’s stock, valued at $596,186.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 23.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PRCH. Stephens restated an “overweight” rating and issued a $6.00 target price on shares of Porch Group in a research note on Thursday, April 11th. Keefe, Bruyette & Woods boosted their target price on Porch Group from $3.50 to $3.75 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, Cantor Fitzgerald boosted their target price on Porch Group from $3.00 to $5.00 and gave the stock an “overweight” rating in a research note 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.