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

Procore Technologies, Inc. (NYSE:PCOR) shares reached a new 52-week low on Tuesday . The stock traded as low as $38.34 and last traded at $38.8550, with a volume of 3386132 shares traded. The stock had previously closed at $39.99.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PCOR. TD Cowen decreased their target price on Procore Technologies from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Tuesday, April 21st. Wall Street Zen lowered Procore Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Piper Sandler dropped their price target on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 6th. UBS Group dropped their target price on shares of Procore Technologies from $74.00 to $68.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Finally, BTIG Research restated a “buy” rating and set a $66.00 price target on shares of Procore Technologies in a report on Wednesday, May 6th. Fourteen 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $71.33.

Procore Technologies Trading Down 2.8%

The business’s 50-day simple moving average is $49.17 and its 200-day simple moving average is $57.94. The company has a market cap of $5.86 billion, a PE ratio of -76.19 and a beta of 0.73. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.02.

Procore Technologies (NYSE:PCOR) last issued its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $359.28 million during the quarter, compared to analyst estimates of $352.82 million. During the same period in the previous year, the company earned $0.23 earnings per share. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, analysts expect that Procore Technologies, Inc. will post 0.06 EPS for the current fiscal year.

Insider Activity at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $50.00, for a total value of $197,100.00. Following the transaction, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $42.00, for a total transaction of $242,298.00. Following the transaction, the director directly owned 973,670 shares in the company, valued at approximately $40,894,140. The trade was a 0.59% decrease in their position. 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 quarter, insiders sold 189,621 shares of company stock valued at $9,054,472. 16.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Procore Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Empowered Funds LLC bought a new stake in Procore Technologies in the first quarter worth $563,000. Caerus Investment Advisors LLC bought a new position in Procore Technologies during the first quarter valued at about $234,000. Segall Bryant & Hamill LLC raised its holdings in Procore Technologies by 4.4% during the first quarter. Segall Bryant & Hamill LLC now owns 500,152 shares of the company’s stock valued at $28,509,000 after buying an additional 21,266 shares in the last quarter. Essential Partners LLC lifted its position in shares of Procore Technologies by 1,585.4% in the first quarter. Essential Partners LLC now owns 3,236 shares of the company’s stock worth $184,000 after buying an additional 3,044 shares during the last quarter. Finally, Ariadne Wealth Management LP acquired a new stake in shares of Procore Technologies in the first quarter worth about $309,000. Institutional investors and hedge funds 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. 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.