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Vulcan Value Partners: “Porch (PRCH)’s Operating Performance has Been in Line With Our Expectations”

·2 min read

Vulcan Value Partners, an investment management firm, published its second-quarter 2022 investor letter – a copy of which can be downloaded here. All five of the fund's strategies trailed their respective benchmarks during the quarter. The good news is that across its portfolios most of its companies are performing well fundamentally. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Vulcan Value Partners mentioned Porch Group, Inc. (NASDAQ:PRCH) and explained its insights for the company. Founded in 2011, Porch Group, Inc. (NASDAQ:PRCH) is a Seattle, Washington-based software company with a $234.4 million market capitalization. Porch Group, Inc. (NASDAQ:PRCH) delivered a -84.93% return since the beginning of the year, while its 12-month returns are down by -88.20%. The stock closed at $2.35 per share on August 26, 2022.

Here is what Vulcan Value Partners has to say about Porch Group, Inc. (NASDAQ:PRCH) in its Q2 2022 investor letter:

"Porch Group Inc. offers a platform that provides customer relationship management software and services to home services businesses. The company also provides an online concierge service to homebuyers. Porch's operating performance has been in line with our expectations, though its stock price performance has not."

Software
Software

Our calculations show that Porch Group, Inc. (NASDAQ:PRCH) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Porch Group, Inc. (NASDAQ:PRCH) was in 19 hedge fund portfolios at the end of the second quarter of 2022, compared to 20 funds in the previous quarter. Porch Group, Inc. (NASDAQ:PRCH) delivered a -45.48% return in the past 3 months.

In May 2022, we also shared another hedge fund’s views on Porch Group, Inc. (NASDAQ:PRCH) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.