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Summary
- Procore, founded in 2003 in California, offers technology solutions to construction businesses.
- Procore also has few competitors in the market, which include Autodesk and Oracle.
- The lockdown period had been a boon for Roblox as more children joined the platform.
Procore Technologies, Inc. (NYSE:PCOR) gets a boost after a warm reception in its debut, while Roblox Corporation (NYSE:RBLX) aims higher after receiving a windfall during the pandemic.
Both stocks are uniquely placed as the markets reopen. Procore has fewer challengers in the domain, and Roblox added more users during the lockdown, riding on a pandemic-fuelled surge.
Let’s probe deeper into these two stocks:
Procore Technologies
Procore was valued at US$11 billion following its IPO listing on May 20, 2021. The company provides technology solutions to construction businesses. The stock opened at US$84 against an offering price of US$67. It closed at US$88 a piece on the first day of trading. On Monday, May 25, the stock was trading at US$87.43, down 1.34% from the previous close, at 3:00 pm ET.
Source: Pixabay
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Founded in 2003 in California, Procore provides technology solutions to construction companies through a cloud platform. The software company has around 1,600 employees.
Its software helps the project managers in various stages of the construction process like drawing project maps, job site assessments, data, financial management, etc.
The stock saw high traction on its opening day, perhaps buoyed by optimism of a quick recovery of the construction sector after the pandemic.
Some 1.6 million users in 125 nations own the software, whose demand is expected to increase as the industry progresses from covid. Procore’s prominent backers include Tiger Global.
Procore also has few competitors in the market, which include Autodesk and Oracle.
Roblox Corporation
The stock of Roblox Corp surged 18.75% from the previous close to US$82.53 at 3:53 pm ET as of May 21, 2021. On March 10, 2021, Roblox forayed into the stock market via a direct listing.
Roblox offers users an opportunity to create and share games with other players through its online gaming platform. They can also monetize their games through Roblox’s in-game features. Users can transact through the “game currency” called Robux, which can be exchanged in US dollars. The company offers discounts and other perks for its subscribers. Since its listing, the stock has witnessed several ups and downs.
Source: Pixabay
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Its main patrons are teenagers. Owing to the lockdown, children devoted more time to digital platforms, one of the reasons for the company’s robust revenue growth YoY.
Roblox’s revenue rose 140% in Q1 of 2021, compared to the year-ago period. Its losses grew about 81% YoY due to higher spending on infrastructure and other development projects.
The lockdown period had been a boon for the company as more children joined the platform. It doesn’t provide games or content, but its platform helps users to create and monetize games.
