Short Interest in Procore Technologies, Inc. (NYSE:PCOR) Rises By 18.6%

Key Points

• Short interest rose 18.6% to 13,822,402 shares as of March 31, representing 11.7% of the float and a days-to-cover ratio of 7.6 days.
• Company insiders have been selling: Chairman Craig Courtemanche sold 56,122 shares (and another director sold 5,769), with insiders offloading 155,718 shares in the last 90 days while owning 21.5% of the stock.
• Analyst sentiment remains broadly positive with a consensus "Moderate Buy" (15 Buys, 4 Holds, 1 Sell) and an average price target of $75.82, though several firms recently trimmed their targets.

Procore Technologies, Inc. (NYSE:PCOR - Get Free Report) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totaling 13,822,402 shares, a growth of 18.6% from the March 15th total of 11,653,439 shares. Currently, 11.7% of the shares of the stock are short sold. Based on an average trading volume of 1,813,911 shares, the days-to-cover ratio is presently 7.6 days.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PCOR shares. BTIG Research restated a "buy" rating and issued a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, March 11th. BMO Capital Markets lowered their price objective on shares of Procore Technologies from $87.00 to $67.00 and set an "outperform" rating for the company in a research report on Thursday, February 5th. Barclays reduced their target price on shares of Procore Technologies from $90.00 to $65.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Canaccord Genuity Group reduced their target price on shares of Procore Technologies from $90.00 to $72.00 and set a "buy" rating on the stock in a research note on Friday, February 13th. Finally, DA Davidson reduced their target price on shares of Procore Technologies from $75.00 to $55.00 and set a "neutral" rating on the stock in a research note on Friday, February 13th. Fifteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $75.82.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of the firm'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 completion of the sale, the chairman owned 927,580 shares in the company, valued at approximately $44,189,911.20. This trade represents a 5.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $51.07, for a total transaction of $294,622.83. Following the completion of the sale, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 155,718 shares of company stock worth $8,278,407. 21.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Versant Capital Management Inc boosted its stake in Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company's stock worth $68,000 after acquiring an additional 179 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company's stock worth $35,000 after acquiring an additional 199 shares during the last quarter. Intellectus Partners LLC boosted its stake in Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company's stock worth $912,000 after acquiring an additional 200 shares during the last quarter. Chicago Partners Investment Group LLC boosted its stake in Procore Technologies by 1.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 14,685 shares of the company's stock worth $1,068,000 after acquiring an additional 202 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Procore Technologies by 48.2% during the 4th quarter. Allworth Financial LP now owns 627 shares of the company's stock worth $46,000 after acquiring an additional 204 shares during the last quarter. Institutional investors own 81.10% of the company's stock.

Procore Technologies Trading Up 3.2%

Shares of NYSE PCOR traded up $1.73 during mid-day trading on Friday, hitting $55.38. The company's stock had a trading volume of 1,905,571 shares, compared to its average volume of 2,026,915. The stock has a market cap of $8.31 billion, a price-to-earnings ratio of -82.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.32 and a quick ratio of 1.32. Procore Technologies has a one year low of $46.08 and a one year high of $82.32. The company's fifty day simple moving average is $54.80 and its 200-day simple moving average is $65.69.

Procore Technologies (NYSE:PCOR - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.02. The company had revenue of $349.11 million for the quarter, compared to analyst estimates of $340.80 million. Procore Technologies had a negative net margin of 7.62% and a negative return on equity of 3.96%. The company's revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. On average, sell-side analysts anticipate that Procore Technologies will post -0.15 earnings per share for the current fiscal year.

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. 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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