Multiple stocks have been going into bearish areas this year while their insiders have been selling at the same time. One such case was at an Australia-based company, Tritium DCFC Ltd (DCFC: US). Tritium specializes in providing EV-charging solutions for electric vehicles and has a current Market Cap of approximately $488.7 million.
Recently, the demand for electric vehicles has soared while most companies in this sector are still in the development stage. Tritium in contrast made a string of new developments and orders. While the stock price continues to dive, a top-level insider at the company filed the first Form 144 regarding DCFC stock.
Million dollar intention to sell
David Finn, the company’s Founder, filed a Form 144 via Morgan Stanley & Co LLC on September 27 for 1 million shares. At a rate of $3.69 per share, the total value came to almost $3.69 million. As of yet, he has not yet sold any of these shares.
Finn founded Tritium in 2004, and since then served as the company CEO until 2020. He stepped down and was appointed Chief Growth Officer, while also remaining as a member of the Board at the company.
Just a day after Finn’s Form 144 filing, a positive statement regarding Tritium’s future projects came forward. On September 28, the technology company announced that they would be providing chargers for Australia’s longest highway. Located in Western Australia, the highway will incorporate nearly 98 charging stations expected to be up and running by 2024. The same day, DCFC stock opened at a share value of $3.69. The following day, on Sep 29, it opened at $4.01 marking a change of 8.67%.
Earlier on September 22, Tritium revealed the results of its fiscal year 2022. The company has made nearly $86 million in revenue with its cash equivalents numbering almost $70 million. Additionally, the company reportedly received nearly $203 million worth of sale orders - its highest ever. On the other hand, net loss has been high as well, going up to almost $127.6 million, a value extremely higher year-on-year.
At present, DCFC stock is valued at $3.19, having declined by almost 67.97% year-to-date. Despite the company taking on more projects, only time will tell whether the insider’s decision to sell stock was attention-worthy for DCFC investors or not.