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Why Is Tritium (DCFC) Stock Up 27% Today?


  • Tritium (DCFC) stock is rising alongside two major announcements.
  • The first is a new massive order from BP (BP).
  • The second is the company’s preliminary 2022 earnings and 2023 guidance.
Tritium (DCFC Stock) charging, charging station for electric cars, in the parking lot at McDonald's.

Source: Jeppe Gustafsson / Shutterstock.com

Tritium (NASDAQ:DCFC) stock is rocketing higher on Tuesday thanks to a couple of pieces of positive news from the electric vehicle (EV) charging company.

The first win for investors in DCFC stock is a new order from BP (NYSE:BP). The company notes that this is the largest order it has ever signed and covers the U.S. U.K., Europe and Australia.

Investors will note that this is the second order BP has made with the company. The first came with its “multi-year global framework contract” in April 2022. The size of the orders has Tritium expecting increasing demand for DC fast chargers.

What Else Has DCFC Stock Up?

Tritium recently released preliminary earnings for the full year of 2022. That includes expectations for record revenue ranging from $95 million to $102 million, which would represent a 23% to 32% year-over-year (YOY) increase.

To go along with that, Tritium has provided guidance for fiscal 2023. The company expects revenue for the year to come in above $200 million. This would mark a more than 100% jump over its expected 2022 revenue.

With today’s news comes heavy trading of DCFC stock. As of this writing, more than 35 million shares have changed hands. That’s a major surge in trading volume compared to the daily average of 1.2 million shares.

DCFC stock is up 26.9% as of Tuesday morning.

Investors can find more of the latest stock market news at the links below!

We’ve got all of the hottest stock market coverage for Tuesday! That includes what’s going on with shares of Xpeng (NYSE:XPEV), Mullen Automotive (NASDAQ:MULN) and Viveve Medical (NASDAQ:VIVE) stock today. You can check out all that news at the following links!

More Tuesday Stock Market News

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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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/why-is-tritium-dcfc-stock-up-27-today/.

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