Proterra (NASDAQ:PTRA) Shares Gap Down to $5.67

Proterra Inc. (NASDAQ:PTRAGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $5.67, but opened at $5.54. Proterra shares last traded at $5.58, with a volume of 6,691 shares.

A number of equities analysts have recently weighed in on the company. Barclays lowered their price target on Proterra from $8.00 to $6.00 and set an “equal weight” rating for the company in a report on Thursday, May 19th. Zacks Investment Research upgraded Proterra from a “sell” rating to a “hold” rating in a research note on Wednesday, May 18th. Bank of America downgraded Proterra from a “buy” rating to an “underperform” rating and dropped their price target for the stock from $12.25 to $5.00 in a research note on Friday, May 13th. Morgan Stanley lowered their target price on Proterra from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 5th. Finally, Citigroup lowered their target price on Proterra from $8.50 to $6.50 and set a “na” rating on the stock in a research note on Monday, May 16th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, Proterra has an average rating of “Hold” and an average target price of $7.70.

The firm has a fifty day moving average of $6.61 and a 200-day moving average of $8.28. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -1.03 and a beta of -0.82. The company has a quick ratio of 7.93, a current ratio of 9.37 and a debt-to-equity ratio of 0.17.

Proterra (NASDAQ:PTRAGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.27). The firm had revenue of $58.58 million for the quarter, compared to analyst estimates of $72.06 million. Proterra had a negative return on equity of 17.39% and a negative net margin of 100.20%. As a group, research analysts forecast that Proterra Inc. will post -0.68 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Telemus Capital LLC raised its holdings in shares of Proterra by 215.9% in the fourth quarter. Telemus Capital LLC now owns 44,479 shares of the company’s stock worth $393,000 after acquiring an additional 30,399 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Proterra by 29.1% in the fourth quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 3,161,719 shares of the company’s stock valued at $27,918,000 after purchasing an additional 713,519 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Proterra in the fourth quarter valued at $2,029,000. Geode Capital Management LLC increased its stake in Proterra by 1,088.0% in the third quarter. Geode Capital Management LLC now owns 1,585,279 shares of the company’s stock valued at $16,027,000 after purchasing an additional 1,451,839 shares during the last quarter. Finally, Penserra Capital Management LLC increased its stake in Proterra by 110.3% in the third quarter. Penserra Capital Management LLC now owns 19,658 shares of the company’s stock valued at $198,000 after purchasing an additional 10,311 shares during the last quarter. 54.79% of the stock is owned by institutional investors.

About Proterra (NASDAQ:PTRA)

Proterra Inc provides commercial vehicles in the United States, the European Union, Canada, Australia, and Japan. It operates through Proterra Powered and Energy and Proterra Transit business units. The Proterra Powered and Energy business unit designs, develops, manufactures, sells, and integrates battery systems and electrification solutions into vehicles for commercial vehicle OEM customers serving delivery trucks, school buses, coach buses, construction and mining equipment, and other applications.

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