Porch Group Inc (PRCH) News & EventsPRCHNews & EventsPorch Group Inc

Porch Group Buys 2.1M Shares for $15M

Porch Group announced that the Porch Reciprocal Exchange sold approximately 2.1M shares of Porch common stock to Porch for an aggregate purchase price of $15M in cash. The Transaction is designed to convert a portion of the Reciprocal's Porch common stock holdings into cash, which increases the Reciprocal's regulatory capital given a large portion of the value of the Reciprocal's Porch shares is instead counted as non-admitted assets in statutory filings. The Reciprocal will continue to hold approximately 16.2M Porch shares, providing continued upside potential should the share price appreciate. For the quarter ended March 31, statutory surplus at the Reciprocal was approximately $165M, which supports capacity for more than $800M in Reciprocal Written Premiums. Growth in statutory surplus at the Reciprocal has continued to be better than expectations since the end of Q1 independent of this transaction. In March, the Company exhausted its Board authorized open market repurchase program and repurchased 0.3M common shares for $2.5M, which represented the maximum amount permitted under the Company's 2028 convertible notes indenture. This Transaction is separate from that open market repurchase authorization and is not an open market repurchase. The parties entered into the securities purchase agreement June 10, following receipt of required regulatory approvals from the Texas Department of Insurance and the Cayman Islands Monetary Authority. The purchase price reflects $7.17 per share, which was the Nasdaq closing price on March 31, the date the parties received the requisite corporate approvals for the Transaction, subject to receipt of regulatory approvals.

Porch Group Launches HOA in Michigan

Porch Group announced that Homeowners of America has launched in Michigan, marking the 22nd state in which HOA operates. This launch supports Porch's broader strategy to expand distribution and drive premium growth and cash flow over time through its insurance platform.

Market Pulls Back as OpenAI Misses Growth Targets

The market rally stumbled on Tuesday as reports of OpenAI missing its internal growth targets weighed on the Tech sector, particularly the Semiconductor space, where VanEck Semiconductor ETFfell about 3%.   Likewise, Energy outperformed all other sectors and WTI Crude Oil topped $100 per barrel as a function of the re-heating geopolitical tension, as the White House is expressing reluctance to bend toward compromise on its mission for denuclearized Iran after Tehran proposed to table the nuclear question in exchange for restoring an operational Strait of Hormuz.The narrative could once again flip on Wednesday however, with a spate of high-profile earnings reports re-establishing the vigor of the AI rally.   Seagatewas up 16% after blowout results, also pulling up shares of Western Digital, while better than expected results from NXP Semisupported shared of Analog Devices and Microchip.  Bloom Energy, the fuel supplier for data centers, also reported blowout numbers, sending shares up double digits.In the opening hour of the evening session, Nasdaq 100 is up 0.2%, S&P e-minis are up 0.1%, and WTI Crude Oil is back below $100 per barrel.   Precious metals sustained some losses on Tuesday, with Gold sliding toward $4,600 and Silver now below $74 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Silicon Motion Technologyup 19.3%Rush Street Interactiveup 17.8%Seagateup 16.0%; Western Digitalup 15.7% in sympathyNXP Semiconductors N.V.up 15.5%; On Semiup 6.1,%, Analog Devices, Inc.up 2.6%, Microchip Technologyup 4.0% in sympathyPorch Groupup 13.5%Fair Isaacup 12.6%Bloom Energyup 12.3%ExlService Holdingsup 7.9%Veraltoup 9.9%Starbucksup 5.0%Visaup 4.8%Mondelezup 2.5%Caesarsup 1.5%T-Mobileup 1.2%DOWN AFTER EARNINGS -O-I Glassdown 18.6%Enphase Energydown 11.0%Robinhooddown 9.7%Teradynedown 8.3%Booking Holdingsdown 4.3%Stridedown 3.7%ALSO LOWER -Avis Budget Groupdown 7.6% after disclosing sale by Pentwater CapitalBrown-Formandown 6.2% after terminating Pernod Ricard merger