Procore Technologies, Inc. (NYSE:PCOR) Sees Significant Increase in Short Interest

Procore Technologies, Inc. (NYSE:PCOR) saw a large increase in short interest in June. As of June 15th, there was short interest totalling 8,020,000 shares, an increase of 27.9% from the May 31st total of 6,270,000 shares. Approximately 6.0% of the shares of the stock are short sold. Based on an average daily volume of 1,370,000 shares, the short-interest ratio is presently 5.9 days.

Procore Technologies Price Performance

Shares of PCOR stock opened at $66.19 on Tuesday. Procore Technologies has a 52-week low of $48.11 and a 52-week high of $83.35. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.60 and a current ratio of 1.61. The firm has a market capitalization of $9.68 billion, a P/E ratio of -68.95 and a beta of 0.75. The stock has a 50 day moving average price of $67.33 and a 200 day moving average price of $71.48.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.15. The firm had revenue of $269.43 million during the quarter, compared to analyst estimates of $263.13 million. Procore Technologies had a negative return on equity of 8.25% and a negative net margin of 13.64%. As a group, sell-side analysts predict that Procore Technologies will post -0.35 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now directly owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Procore Technologies news, Director Connor Kevin J. O sold 6,410 shares of Procore Technologies stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $79.20, for a total value of $507,672.00. Following the sale, the director now owns 1,494,311 shares of the company’s stock, valued at approximately $118,349,431.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Howard Fu sold 1,157 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $65.00, for a total value of $75,205.00. Following the transaction, the chief financial officer now owns 182,561 shares of the company’s stock, valued at $11,866,465. The disclosure for this sale can be found here. In the last three months, insiders have sold 233,964 shares of company stock valued at $16,011,712. Corporate insiders own 29.00% of the company’s stock.

Institutional Investors Weigh In On Procore Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC raised its position in Procore Technologies by 6,823.1% during the 4th quarter. International Assets Investment Management LLC now owns 900 shares of the company’s stock valued at $62,000 after purchasing an additional 887 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in Procore Technologies during the 4th quarter valued at $62,000. Advisors Asset Management Inc. raised its position in Procore Technologies by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock valued at $103,000 after purchasing an additional 260 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its position in Procore Technologies by 30.7% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock valued at $104,000 after purchasing an additional 297 shares in the last quarter. Finally, Covestor Ltd raised its position in Procore Technologies by 29.3% during the 1st quarter. Covestor Ltd now owns 1,324 shares of the company’s stock valued at $109,000 after purchasing an additional 300 shares in the last quarter. 81.10% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on PCOR. DA Davidson reiterated a “buy” rating and set a $95.00 target price on shares of Procore Technologies in a research report on Thursday, March 14th. Macquarie initiated coverage on Procore Technologies in a research note on Wednesday, June 5th. They set a “neutral” rating and a $70.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Procore Technologies from $83.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Barclays dropped their target price on Procore Technologies from $83.00 to $78.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Finally, Mizuho reiterated a “neutral” rating and issued a $70.00 target price (down previously from $75.00) on shares of Procore Technologies in a report on Tuesday, June 4th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.94.

Procore Technologies Company Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.