Long Position on PCOR @ $70.50 on 7/28/2023 (Momentum)

Procore Technologies, Inc. (PCOR) provides a cloud-based construction management platform and related software products. 

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 Management, 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.

The company also provides workforce management that helps contractors to schedule, track, and forecast labor productivity, enhance time management, communication with workforces, and manage profitability on construction projects; and Financial Management, which provides customers with visibility into the financial health of their individual construction projects and portfolios, as well as facilitates untethered access to financial data, linking the field, and the office in real-time. 

Shares are heading higher in an upward trading channel. The company reports on August 2nd, and we expect the company to beat and guide higher.

Entry Point: $70.50

Stop Loss: $67.00

Trading Range: $41.80 to $76.25

Target Price: $79.00

Position closed on 8/8/2023 at price of $67.00 with a -4.96% loss in 10 days.

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