Does multiple owners in a short time indicate red flags?

[tarun]

This is the current “cheapest” 992 turbo s on auto trader - https://finder.porsche.com/gb/en-GB/details/7LMQM7

But looking at its specs….it seems well specced? Why is it the cheapest one? 10k miles 5 owners is the only thing I can think of. Help me find reasons why this car is at the bottom end of the market!