Procore Technologies, Inc. (NYSE:PCOR) Short Interest Up 27.9% in June

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

Procore Technologies Stock Up 2.8 %

NYSE:PCOR opened at $66.31 on Friday. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of -69.07 and a beta of 0.76. Procore Technologies has a 1-year low of $48.11 and a 1-year high of $83.35. The company has a current ratio of 1.61, a quick ratio of 1.60 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $67.42 and its 200 day moving average price is $71.40.

Procore Technologies (NYSE:PCOR) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.15. The firm had revenue of $269.43 million for 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%. On average, sell-side analysts forecast that Procore Technologies will post -0.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PCOR has been the topic of a number of research reports. Macquarie initiated coverage on Procore Technologies in a research note on Wednesday, June 5th. They issued a “neutral” rating and a $70.00 price objective on the stock. TD Cowen initiated coverage on Procore Technologies in a research note on Wednesday, June 12th. They issued a “buy” rating and a $85.00 price objective on the stock. Piper Sandler dropped their price objective on Procore Technologies from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, May 2nd. BMO Capital Markets reissued an “outperform” rating and issued a $85.00 price objective on shares of Procore Technologies in a research note on Tuesday, June 11th. Finally, Canaccord Genuity Group dropped their price objective on Procore Technologies from $95.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $80.94.

Insiders Place Their Bets

In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $81.30, for a total transaction of $5,528,400.00. Following the completion of the transaction, the chief executive officer now owns 531,399 shares in the company, valued at approximately $43,202,738.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Procore Technologies news, CEO Craig F. Jr. Courtemanche sold 68,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $81.30, for a total transaction of $5,528,400.00. Following the completion of the transaction, the chief executive officer now owns 531,399 shares in the company, valued at approximately $43,202,738.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Howard Fu sold 1,157 shares of the business’s stock in a transaction 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 owns 182,561 shares of the company’s stock, valued at approximately $11,866,465. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,374 shares of company stock worth $22,280,965. 29.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in Procore Technologies in the fourth quarter valued at about $68,005,000. Artisan Partners Limited Partnership grew its stake in Procore Technologies by 81.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 652,985 shares of the company’s stock valued at $45,200,000 after purchasing an additional 293,613 shares in the last quarter. Eventide Asset Management LLC purchased a new position in Procore Technologies in the fourth quarter valued at about $3,302,000. CHURCHILL MANAGEMENT Corp purchased a new position in Procore Technologies in the first quarter valued at about $1,342,000. Finally, GW&K Investment Management LLC purchased a new position in Procore Technologies in the fourth quarter valued at about $52,130,000. Hedge funds and other institutional investors own 81.10% of the company’s stock.

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.