Decoding Procore Technologies's Options Activity: What's the Big Picture?

Investors with a lot of money to spend have taken a bullish stance on Procore Technologies PCOR.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with PCOR, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 12 options trades for Procore Technologies.

This isn't normal.

The overall sentiment of these big-money traders is split between 66% bullish and 33%, bearish.

Out of all of the options we uncovered, 11 are puts, for a total amount of $723,126, and there was 1 call, for a total amount of $37,500.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $60.0 to $70.0 for Procore Technologies over the last 3 months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Procore Technologies options trades today is 1260.75 with a total volume of 5,919.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for Procore Technologies's big money trades within a strike price range of $60.0 to $70.0 over the last 30 days.

Procore Technologies 30-Day Option Volume & Interest Snapshot

Biggest Options Spotted:

About Procore Technologies

Procore Technologies Inc is a cloud-based construction management software company. It generates revenue through subscriptions for access to its software products. The company's products include Design Coordination, BIM, Field Productivity, Project Financials, Invoice Management, Portfolio Financials, Capital Planning, Accounting Integrations, and Analytics. The software products are hosted on its cloud-based SaaS construction management platform. Subscriptions are sold for a fixed fee and revenue is recognized ratably over the term of the subscription.

After a thorough review of the options trading surrounding Procore Technologies, we move to examine the company in more detail. This includes an assessment of its current market status and performance.

Where Is Procore Technologies Standing Right Now?

• Trading volume stands at 10,280,269, with PCOR's price down by -18.49%, positioned at $54.79.
• RSI indicators show the stock to be may be oversold.
• Earnings announcement expected in 89 days.

Professional Analyst Ratings for Procore Technologies

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $65.2.

• In a cautious move, an analyst from Barclays downgraded its rating to Equal-Weight, setting a price target of $54.
• Consistent in their evaluation, an analyst from Keybanc keeps a Overweight rating on Procore Technologies with a target price of $68.
• Reflecting concerns, an analyst from DA Davidson lowers its rating to Neutral with a new price target of $60.
• An analyst from Piper Sandler has decided to maintain their Overweight rating on Procore Technologies, which currently sits at a price target of $74.
• Reflecting concerns, an analyst from Macquarie lowers its rating to Neutral with a new price target of $70.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Procore Technologies with Benzinga Pro for real-time alerts.