DCFC - Why Tritium DCFC Stock Skyrocketed 36.4% in March
Shares of Tritium DCFC (NASDAQ: DCFC) gained 36.4% in March, according to data from S&P Global Market Intelligence . The electric vehicle (EV) charging company was taken public through a merger with a special purpose acquisition company (SPAC) in January, and its share price has seen big swings in conjunction with market momentum following the combination.
The S&P 500 index climbed 3.6% last month, and the Nasdaq Composite index rose 3.4% across the stretch. Many companies with growth-dependent or otherwise speculative valuations saw big gains in the period, and companies in the EV and EV-charging spaces tended to be particularly big winners.
Tritium stock soared in February after the company announced at the White House that it was opening a new manufacturing factory in Tennessee. Following this news, Tritium announced a partnership that will see it providing fast chargers for Wise EV's new national charging network.
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Why Tritium DCFC Stock Skyrocketed 36.4% in March