Porch Group, Inc. (NASDAQ:PRCH) Holdings Reduced by Alpha Wave Global LP

Alpha Wave Global LP lessened its holdings in Porch Group, Inc. (NASDAQ:PRCH - Free Report) by 86.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 304,910 shares of the company's stock after selling 2,013,263 shares during the period. Porch Group accounts for approximately 0.7% of Alpha Wave Global LP's portfolio, making the stock its 16th largest holding. Alpha Wave Global LP owned approximately 0.26% of Porch Group worth $1,500,000 as of its most recent SEC filing.

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

Insider Activity at Porch Group

In other Porch Group news, 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 transaction of $374,400.00. Following the sale, the chief operating officer now directly owns 1,384,057 shares of the company's stock, valued at approximately $8,636,515.68. This represents a 4.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $6.05, for a total value 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 trade represents a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 205,554 shares of company stock valued at $1,273,590 over the last ninety days. Corporate insiders own 23.46% of the company's stock.

Porch Group Stock Up 3.3 %

Shares of PRCH traded up $0.16 during trading on Wednesday, reaching $5.04. The company's stock had a trading volume of 817,926 shares, compared to its average volume of 1,833,056. The company has a market cap of $605.12 million, a price-to-earnings ratio of -7.20 and a beta of 2.15. The company has a fifty day moving average of $5.95 and a two-hundred day moving average of $4.54. Porch Group, Inc. has a twelve month low of $1.05 and a twelve month high of $8.49.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PRCH shares. Benchmark boosted their price target on Porch Group from $7.00 to $10.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Keefe, Bruyette & Woods raised their price target on shares of Porch Group from $3.50 to $6.00 and gave the company a "market perform" rating in a report on Monday, March 3rd. Oppenheimer increased their price objective on shares of Porch Group from $7.00 to $8.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 26th. Stephens lifted their target price on shares of Porch Group from $8.00 to $10.00 and gave the company an "overweight" rating in a report on Friday, March 21st. Finally, Loop Capital upgraded Porch Group from a "hold" rating to a "buy" rating and set a $6.00 price target for the company in a report on Wednesday, February 26th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $7.32.

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.