PTRA - Proterra stock rebounds after hitting all-time low following weak results
2023-03-17 08:32:23 ET
- Proterra ( NASDAQ: PTRA ) shares recovered in premarket trading on Friday after falling over 50% in the previous session.
- Shares closed at an all-time low on Thursday after the Burlingame, California-based company guided for a l ower than expected 2023 revenue.
- The automotive and energy storage company sees revenue in the range of $450M to $500M for the year, which is well below analysts estimate of $533.82M. Capex is expected to be around $25M compared to $59.5M in 2022.
- Proterra's ( PTRA ) fourth quarter results also fell short, with net loss widening from $45.1M in the year-ago quarter to $81M.
- Shares tanked in response, but have made a partial recovery today and were up around 11% in premarket hours.
- Speaking on the rebound, D.A. Davidson analyst Michael Shlisky said that the selloff is "likely far overdone."
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Proterra stock rebounds after hitting all-time low following weak results