Procore Technologies (NYSE:PCOR) Sets New 52-Week Low - Should You Sell?

Key Points

• Procore Technologies hit a new 52-week low, with the stock trading as low as $45.75 and falling about 4.6% on the day amid weakness relative to its 50-day and 200-day moving averages.
• Analyst sentiment is mixed but still generally positive: the consensus rating remains Moderate Buy with a target price of $72.56, even as several firms cut targets or downgraded the stock recently.
• The company’s latest earnings showed revenue growth of 15.7% year over year to $359.28 million, but EPS of $0.34 missed estimates by $0.02, and insiders have been selling shares in recent months.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report)'s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $45.75 and last traded at $46.8350, with a volume of 370166 shares. The stock had previously closed at $48.09.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on PCOR shares. Zacks Research upgraded Procore Technologies from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 18th. Citizens Jmp upgraded Procore Technologies from a "market perform" rating to a "market outperform" rating and set a $71.00 price objective on the stock in a research note on Wednesday, April 29th. Barclays dropped their target price on Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a research report on Friday, February 13th. Wall Street Zen downgraded Procore Technologies from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, BMO Capital Markets reduced their price objective on Procore Technologies from $87.00 to $67.00 and set an "outperform" rating on the stock in a research report on Thursday, February 5th. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Procore Technologies presently has a consensus rating of "Moderate Buy" and a consensus target price of $72.56.

Procore Technologies Stock Down 4.6%

The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market capitalization of $6.92 billion, a P/E ratio of -90.18 and a beta of 0.78. The company has a 50 day moving average of $55.54 and a 200-day moving average of $63.70.

Procore Technologies (NYSE:PCOR - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Procore Technologies had a negative return on equity of 2.24% and a negative net margin of 5.61%.The company had revenue of $359.28 million during the quarter, compared to the consensus estimate of $352.82 million. During the same period in the previous year, the company earned $0.23 earnings per share. Procore Technologies's quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities analysts anticipate that Procore Technologies, Inc. will post 0.09 EPS for the current year.

Insider Activity

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the company's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $47.64, for a total value of $2,673,652.08. Following the sale, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the transaction, the director owned 990,983 shares of the company's stock, valued at $50,609,501.81. The trade was a 0.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 148,026 shares of company stock worth $7,783,734. Corporate insiders own 16.80% of the company's stock.

Hedge Funds Weigh In On Procore Technologies

Several large investors have recently made changes to their positions in PCOR. Madison Asset Management LLC purchased a new stake in shares of Procore Technologies during the 1st quarter valued at about $2,243,000. Meeder Advisory Services Inc. boosted its holdings in shares of Procore Technologies by 23.2% during the 1st quarter. Meeder Advisory Services Inc. now owns 3,756 shares of the company's stock valued at $214,000 after acquiring an additional 708 shares during the last quarter. Swiss National Bank grew its position in Procore Technologies by 0.4% in the 1st quarter. Swiss National Bank now owns 223,000 shares of the company's stock worth $12,711,000 after purchasing an additional 900 shares during the period. Roubaix Capital LLC grew its position in Procore Technologies by 54.6% in the 1st quarter. Roubaix Capital LLC now owns 72,754 shares of the company's stock worth $4,147,000 after purchasing an additional 25,687 shares during the period. Finally, California Public Employees Retirement System grew its position in Procore Technologies by 11.8% in the 1st quarter. California Public Employees Retirement System now owns 172,932 shares of the company's stock worth $9,857,000 after purchasing an additional 18,184 shares during the period. 81.10% of the stock is currently owned by hedge funds and other 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. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.

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