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. During the earnings call, Joyce said that a going concern for the company is the continued survival of its business.
According to Joyce, there is “substantial doubt about our ability to continue,” from both Proterra’s leadership team as well as its auditors. That warning has shaken investor confidence in the company, which explains the drop in PTRA stock we’re seeing today.
The Future of PTRA Stock
Things aren’t looking good for Proterra based on management’s recent comments. Also not helping matters is the company’s revenue guidance from its latest earnings report. This has it expecting between $450 million and $500 million for 2023. That would see the company missing Wall Street’s estimate of $533.8 million for the year.
All of this bad news has PTRA stock seeing heavy trading today as investors sell shares. As of this writing, more than 7 million shares have changed hands. That’s well above Proterra’s daily average trading volume of about 1.5 million shares.
PTRA stock is down 44.4% as of Thursday morning and down 63.1% since the start of the year.
There’s even more stock market news traders need to know about below!
We’ve got all of the biggest stock stories investors will want to read about on Thursday! A few examples include why shares of Virgin Galactic (NYSE:SPCE), Mullen Automotive (NASDAQ:MULN) and Snap (NYSE:SNAP) stock are on the move today. You can read up on all of these matters at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.