Procore Q2 Results: Bulls and Bears Both Dug In

Procore Technologies releases Q2 results today with the stock up 20% on the week to $50.16 — and two sharply opposed camps now staring each other down heading into the print.

The bullish signal is hard to miss in options. The put/call ratio edged up to 0.23 on the final session before results, but remains well below its 20-day average of 0.36 — a configuration reflecting persistent call demand rather than defensive hedging. That call skew built over the past two weeks as the PCR collapsed from above 0.57 in early July, tracking the stock's sharp recovery. Peers rallied too: HUBS gained nearly 9% on the week, GWRE added almost 12%, and BSY climbed nearly 15%. Procore's call positioning still stands out against that backdrop, pointing to stock-specific conviction on top of the sector bid. Borrow conditions add no squeeze pressure — availability runs at roughly 1,465% of short interest, meaning the lending pool is far from strained despite the elevated short count.

Short interest tells the counter-story. At 8.9% of the free float — around 13.9 million shares — the short base is material and has risen 10.5% over the past week, holding near its highest level in over a month. The cost to borrow has also moved: up 72% on the week to 0.46%, still low in absolute terms but a notable directional shift. Bears are not retreating ahead of results — they are adding. That sets up a classic earnings squeeze dynamic if the print delivers, given that two previous Procore reports both disappointed: the stock fell 14.7% the day after Q1 2026 results and then dropped a further 22.6% over the following five sessions; Q1 2025 produced a 4.1% day-one decline and a 16.7% five-day move lower.

The analyst community has been trimming targets but not ratings. TD Cowen cut its target from $70 to $60 in the final session before results. Jefferies moved from $95 to $75 earlier in the week. Barclays had already cut to $50 — right at the current price. Guggenheim initiated coverage with a Buy and a $68 target. The consensus remains tilted toward Buy, with a mean target around $67, implying roughly 33% upside from current levels. Bulls point to Procore's dominant position in construction management software, a growing AI product layer, and an experienced CEO driving platform expansion. Bears flag intensifying competition from Autodesk and AI-native point solutions, the two consecutive earnings misses, elongated sales cycles, and a valuation that leaves little room for continued execution shortfalls.

The print is therefore less about whether Procore can grow and more about whether management can signal enough margin improvement and forward confidence to justify a stock that has already re-rated 20% higher in a single week — against a short base that has been actively betting the other way.