Investing in Porch Group Inc. [PRCH]: What You Must Know


In a filing, Porch Group Inc. revealed its 10% Owner Park West Asset Management LLC acquired Company’s shares for reported $0.94 million on Jan 25. In the deal valued at $2.31 per share,407,874 shares were bought. As a result of this transaction, Park West Asset Management LLC now holds 12,267,707 shares worth roughly $ 35.94 million.

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Then, Park West Asset Management LLC bought 760,000 shares, generating $1,871,880 in total proceeds. Upon buying the shares at $2.46, the 10% Owner now owns 11,859,833 shares.

Before that, Park West Asset Management LLC bought 530,750 shares. Porch Group Inc. shares valued at $1,377,296 were divested by the 10% Owner at a price of $2.60 per share. As a result of the transaction, Park West Asset Management LLC now holds 11,099,833 shares, worth roughly $32.52 million.

JP Morgan downgraded its Porch Group Inc. [PRCH] rating to a Neutral from a an Overweight in a research note published on Friday. Keefe Bruyette also remained covering PRCH and has decreased its forecast on July 25, 2022 with a “Mkt perform” recommendation from previously “an Outperform” rating. Compass Point started covering the stock on May 25, 2022. It rated PRCH as “a Buy”.

Price Performance Review of PRCH

On Friday, Porch Group Inc. [NASDAQ:PRCH] saw its stock fall -7.28% to $2.93. On the same session, the stock had its day’s lowest price of $2.86, but rose to a high of $3.10. Over the last five days, the stock has lost -15.56%. Porch Group Inc. shares have risen nearly 55.85% since the year began. Nevertheless, the stocks have fallen -59.42% over the past one year. While a 52-week high of $8.51 was reached on 02/08/23, a 52-week low of $0.94 was recorded on 01/06/23. SMA at 50 days reached $2.58, while 200 days put it at $2.49. A total of 0.94 million shares were traded, compared to the trading of 1.06 million shares in the previous session.

Levels Of Support And Resistance For PRCH Stock

The 24-hour chart illustrates a support level at 2.83, which if violated will result in even more drops to 2.72. On the upside, there is a resistance level at 3.07. A further resistance level may holdings at 3.20. The Relative Strength Index (RSI) on the 14-day chart is 46.47, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.30, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 93.81%. Stochastics %K at 11.37% indicates the stock is a buying.

How much short interest is there in Porch Group Inc.?

A steep rise in short interest was recorded in Porch Group Inc. stocks on Jan 30, 2023, dropping by -0.53 million shares to a total of 11.48 million shares. Yahoo Finance data shows the prior-month short interest on Dec 29, 2022 was 12.01 million shares. There was a decline of -4.62%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 17.60% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.42.

Porch Group Inc. [PRCH] – Who Are The Largest Shareholders?

In filings from Granahan Investment Management, L, it is revealed that the company now owns 13,378,979 shares, or roughly 13.31% of the outstanding PRCH shares. In other words, the investor’s shares have risen by 387,183 from its previous 13-F filing of 12991796.0. Additionally, Park West Asset Management LLC increased 125.15% of its stake after which the total value it holdings stand at $36,189,736, while Goldman Sachs & Co. LLC added 161.76% of its stake to hold $26.65 million in the firm. Over the last quarter, Portolan Capital Management LLC purchased 5,611,649 shares of Porch Group Inc., while St. Denis J. Villere & Co. LLC bought -483,565 shares. At present, BlackRock Fund Advisors is holding 5,001,573 shares valued at $14.75 million. The Vanguard Group, Inc. owned 4,216,269 shares of the company at the time of its most recent 13F filing, worth $12.44 million.

According to FactSet, Porch Group Inc.’s share price will average $5.99 in the next year, based on opinions of analysts polled by the firm. This is up nearly 42.41 percent from its previous closing price of $3.16. Analysts expect Porch Group Inc. stock to reach the higher price of $14.00, while the lowest price estimate is $1.40. However, 10 analysts have rated PRCH stock as a Buy in their predictions for 2023. The most recent change occurred on May 23, 2022 when JP Morgan began covering the stock and recommended ‘”an Overweight”‘ rating along with a $8 price target.


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