Why is DCFC Stock Dropping?
Shares of EV charger producer Tritium DCFC (NASDAQ:DCFC) are tanking today after Roth Capital’s Craig Irwin lowered the stock’s rating to a Hold from a Buy. The analyst also scaled back the price target on DCFC to $4 from the earlier $18.
The substantial downgrade comes after the company’s recent full-year 2022 showing which was marked by a ballooning of losses and what Irwin terms as a worsening medium-term outlook.
During the year, while Tritium notched record sales orders of $203 million and record revenue of $86 million; its net loss widened to $127.5 million from $63.1 million a year ago.
Notably, though, its fast charge connector footprint has now expanded to over 11,000 worldwide.
Is DCFC Stock a Good Buy?
After Irwin’s downgrade, the consensus rating for DCFC now remains a Moderate Buy alongside an average price target of $7.
This implies an 82.29% potential upside in the stock. That’s after a nearly 45% cliff dive over the past month.
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