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

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Procore Technologies in a research report on Thursday, January 22nd. BTIG Research reaffirmed a “buy” rating and set a $66.00 price objective on shares of Procore Technologies in a research report on Wednesday, May 6th. DA Davidson lowered 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. Barclays lowered 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. Finally, Canaccord Genuity Group lowered 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. Fifteen equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Procore Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $72.56.

Procore Technologies Stock Down 4.6%

The business has a 50-day moving average of $55.54 and a 200 day moving average of $63.70. 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 PE ratio of -90.18 and a beta of 0.78.

Procore Technologies (NYSE:PCOR) last issued its quarterly earnings data 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 net margin of 5.61% and a negative return on equity of 2.24%. The company had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. During the same quarter last year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. Equities research analysts predict that Procore Technologies, Inc. will post 0.09 earnings per share for the current year.

Insider Buying and Selling at Procore Technologies

In related news, Director Connor Kevin J. O sold 5,769 shares of Procore Technologies 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 transaction, the director directly owned 990,983 shares of the company’s stock, valued at approximately $50,609,501.81. The trade was a 0.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Chairman Craig F. Jr. Courtemanche sold 56,122 shares of Procore Technologies stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $47.64, for a total transaction of $2,673,652.08. Following the transaction, the chairman directly owned 927,580 shares of the company’s stock, valued at approximately $44,189,911.20. This represents a 5.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 148,026 shares of company stock worth $7,783,734 over the last ninety days. Company insiders own 16.80% of the company’s stock.

Institutional Trading of Procore Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in Procore Technologies by 23.6% during the 3rd quarter. Versant Capital Management Inc now owns 938 shares of the company’s stock valued at $68,000 after purchasing an additional 179 shares during the period. Argos Wealth Advisors LLC increased its position in Procore Technologies by 3.9% during the 1st quarter. Argos Wealth Advisors LLC now owns 5,154 shares of the company’s stock valued at $294,000 after purchasing an additional 195 shares during the period. Jones Financial Companies Lllp increased its position in Procore Technologies by 70.8% during the 3rd quarter. Jones Financial Companies Lllp now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 199 shares during the period. Intellectus Partners LLC increased its position in Procore Technologies by 1.6% during the 3rd quarter. Intellectus Partners LLC now owns 12,505 shares of the company’s stock valued at $912,000 after purchasing an additional 200 shares during the period. Finally, Chicago Partners Investment Group LLC increased its position 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 valued at $1,068,000 after purchasing an additional 202 shares during the period. 81.10% of the stock is owned by hedge funds and other institutional investors.

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.