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

Procore Technologies, Inc. (NYSE:PCOR) was the target of a significant increase in short interest during the month of 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. Based on an average daily volume of 1,370,000 shares, the days-to-cover ratio is presently 5.9 days. Currently, 6.0% of the shares of the company are sold short.

Procore Technologies Stock Down 0.2 %

Shares of NYSE PCOR opened at $66.19 on Tuesday. Procore Technologies has a one year low of $48.11 and a one year high of $83.35. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.61 and a quick ratio of 1.60. The firm’s 50 day simple moving average is $67.33 and its two-hundred day simple moving average is $71.48. The stock has a market capitalization of $9.68 billion, a P/E ratio of -68.95 and a beta of 0.75.

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

Analyst Ratings Changes

PCOR has been the topic of a number of recent analyst reports. DA Davidson reissued a “buy” rating and issued a $95.00 price target on shares of Procore Technologies in a report on Thursday, March 14th. TD Cowen initiated coverage on shares of Procore Technologies in a report on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price target on the stock. JPMorgan Chase & Co. increased their price target on shares of Procore Technologies from $83.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. BMO Capital Markets reissued an “outperform” rating and issued a $85.00 price target on shares of Procore Technologies in a report on Tuesday, June 11th. Finally, Piper Sandler lowered their price target on shares of Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.94.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $68.97, for a total transaction of $4,689,960.00. Following the sale, the chief executive officer now directly owns 530,049 shares of the company’s stock, valued at $36,557,479.53. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Howard Fu sold 1,157 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $65.00, for a total transaction of $75,205.00. Following the sale, the chief financial officer now directly owns 182,561 shares in the company, valued at $11,866,465. The disclosure for this sale can be found here. Insiders have sold a total of 233,964 shares of company stock valued at $16,011,712 over the last three months. 29.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ellsworth Advisors LLC grew its holdings in shares of Procore Technologies by 3.0% in the fourth quarter. Ellsworth Advisors LLC now owns 5,901 shares of the company’s stock worth $408,000 after purchasing an additional 170 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Procore Technologies by 26.2% in the first quarter. Advisors Asset Management Inc. now owns 1,254 shares of the company’s stock worth $103,000 after purchasing an additional 260 shares during the last quarter. Fifth Third Bancorp grew its holdings in shares of Procore Technologies by 3.8% in the first quarter. Fifth Third Bancorp now owns 7,163 shares of the company’s stock worth $589,000 after purchasing an additional 263 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Procore Technologies by 30.7% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,266 shares of the company’s stock worth $104,000 after purchasing an additional 297 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of Procore Technologies by 29.3% in the first quarter. Covestor Ltd now owns 1,324 shares of the company’s stock worth $109,000 after purchasing an additional 300 shares during the last quarter. 81.10% of the stock is currently owned by institutional investors.

About Procore Technologies

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.