HITE Hedge Asset Management LLC Makes New Investment in Proterra Inc. (NASDAQ:PTRA)

HITE Hedge Asset Management LLC purchased a new position in shares of Proterra Inc. (NASDAQ:PTRAGet Rating) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 93,106 shares of the company’s stock, valued at approximately $700,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. PFS Investments Inc. grew its stake in shares of Proterra by 23.6% during the 1st quarter. PFS Investments Inc. now owns 14,047 shares of the company’s stock worth $106,000 after acquiring an additional 2,686 shares during the period. Cohen Capital Management Inc. raised its position in shares of Proterra by 1.0% in the first quarter. Cohen Capital Management Inc. now owns 293,242 shares of the company’s stock valued at $2,205,000 after purchasing an additional 2,886 shares during the period. Teacher Retirement System of Texas raised its position in shares of Proterra by 10.6% in the first quarter. Teacher Retirement System of Texas now owns 36,111 shares of the company’s stock valued at $272,000 after purchasing an additional 3,473 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in shares of Proterra in the fourth quarter valued at approximately $31,000. Finally, Ovata Capital Management Ltd bought a new stake in shares of Proterra in the first quarter valued at approximately $32,000. Institutional investors own 58.35% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PTRA. Citigroup lowered their price target on shares of Proterra from $8.50 to $6.50 and set a “na” rating on the stock in a research report on Monday, May 16th. Morgan Stanley lowered their price target on shares of Proterra from $9.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. DA Davidson started coverage on shares of Proterra in a research report on Wednesday, June 1st. They issued a “buy” rating and a $10.00 price target on the stock. Finally, Barclays reduced their price objective on shares of Proterra from $8.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, May 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.90.

Proterra Price Performance

Shares of NASDAQ:PTRA opened at $6.29 on Tuesday. The company has a 50 day moving average of $5.71 and a 200 day moving average of $6.20. The stock has a market cap of $1.42 billion, a P/E ratio of -3.79 and a beta of 0.20. Proterra Inc. has a 12 month low of $4.26 and a 12 month high of $13.22. The company has a current ratio of 8.19, a quick ratio of 6.64 and a debt-to-equity ratio of 0.17.

Proterra Profile

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding PTRA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Proterra Inc. (NASDAQ:PTRAGet Rating).

Institutional Ownership by Quarter for Proterra (NASDAQ:PTRA)

Receive News & Ratings for Proterra Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Proterra and related companies with MarketBeat.com's FREE daily email newsletter.