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Proterra (NASDAQ: PTRA ) stock is plummeting on Tuesday after the electric vehicle (EV) company filed for Chapter 11 bankruptcy protection. According to a press release from Proterra, this voluntary bankruptcy filing has it seeking to strengthen its financial position.
Electric vehicle company Proterra has filed for Chapter 11 bankruptcy protection in the United States, according to a court filing on Monday.
At one point on Thursday, Proterra (NASDAQ: PTRA ) was up almost 20%. While PTRA stock still closed up by about 3% on the day, the pullback from its highs has bulls a bit disappointed.
WASHINGTON — The top Republican on the Senate Energy panel is calling for an investigation of Energy Secretary Jennifer Granholm, after she told the committee she mistakenly provided false information about her family's stock holdings in testimony earlier this year.
Proterra was oversold in March as profitability and growth weakened. Our finding suggests that it remains well-positioned to capture the long-term demand for heavy commercial EVs in the US and globally. Cost efficiencies through staff cuts and consolidation of bus and battery manufacturing may drive gross margin expansion in Q4 2023 and then FY 2024. At ~$1.1 per share, I believe this is an attractive entry point. Proterra appears undervalued even under my relatively conservative bull case target price.
While not repeating the mantra that electric vehicles are the future can get you into trouble with the sector loyalists, we must at least agree that at least some enterprises deserve the title of worst EV stocks to sell. Fundamentally, while the underlying technology facilitates many opportunities, competition will likely be consolidated.
Proterra Inc. (NASDAQ: PTRA) is emerging as an up-and-comer among a new wave of EV stocks. These stocks include the likes of GreenPower Motors (NASDAQ: GP), Hypercharge Networks (OTCMKTS) and even REV Group(NYSE: REVG), which all produce EV infrastructure, specialty EVs and EV services.
Proterra announced key amendments to the credit agreement related to its convertible debt.
The company reported worse-than-expected fourth-quarter results. Proterra's 2023 revenue guidance likely disappointed investors.
Proterra (NASDAQ: PTRA ) stock is a hot topic among traders on Thursday after warning investors about the state of its business. Gareth Joyce, CEO of Proterra, gave a grim update to traders during the company's latest conference call.