Why Tritium DCFC Limited Stock Rose 15.7% on Wednesday
Tritium DCFC Limited (NASDAQ: DCFC) saw its shares jump 15.7% on Wednesday. It was a volatile day, though, as the stock made big gains only to end the day on the negative side. The company, which produces direct current fast chargers for electric vehicles, saw its stock close at $7.92 on Tuesday then open Wednesday at $8.12 before jumping all the way up to $9.16 in the first hour of trading. As the selling began, the stock dropped all the way to a low of $7.65 in the afternoon. The stock is still closer to its 52-week low of $6.42 than its high of $19.75.
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Thanks partly to the current conflict between Russia and the Ukraine, the price of Brent Crude Oil has shot up above $114 a barrel. While that may be good for oil companies, it is also good for electric vehicle makers and any business connected with electric vehicles. The prospect of increased gas prices has convinced more consumers to look into electric vehicles and more governments to make decisions to boost EV production. On Tuesday, President Joe Biden specifically mentioned his administration plans to build more charging stations.
Source Fool.com
