MULN Stock News: Mullen Automotive corrects nearly 10% after Monday’s explosion
Premium|Take advantage of 60% OFF on your first month.
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
You have reached your limit of 5 free articles for this month.
BLACK FRIDAY SALE! 60% OFF!
Grab this special offer, it's 7 months for FREE deal! And access ALL our articles and analysis.
CLAIM OFFER- NASDAQ: MULN pulls back after gaining as much as 50% during Monday’s trading.
- Mullen management releases the CarBuzz article that highlights its FIVE crossover EV.
- EV stocks tumble for a variety of reasons to start the week.
Update: Shares of Mullen Automotive corrected 9.60% on Tuesday to finish at $1.60, giving up the $2 threshold. The 10% correction doesn’t seem to be extensive, especially after the stock price exploded roughly 50% in Monday’s trade. The stock price rocketed after the company and its electric crossover vehicle called the Mullen FIVE were featured on automotive news site CarBuzz. However, the rally fizzled out, despite the positive performance of Wall Street indices, as falling oil prices lifted the overall market mood. The focus now shifts towards the Fed decision amid mixed headlines on the Russia-Ukraine war.
NASDAQ:MULN is attempting to post a comeback after the electric vehicle startup’s shares tumbled during the first quarter of 2022. On Monday, shares of MULN soared by 31.1% and closed the trading day at $1.77. While it seems like a major gain, Mullen’s stock is still down by 70% so far in 2022 and 86% over the past 52-weeks. One positive day hasn’t erased the pain that shareholders have felt while holding Mullen’s stock all the way down. The broader markets began the week on the backfoot as the S&P 500 and NASDAQ both fell as investors sat patiently, awaiting the impending Fed interest rate hike.
Stay up to speed with hot stocks' news!
What was the source of Mullen’s sudden gains on Monday? Management put out a news release that featured CarBuzz’s article that highlighted Mullen’s FIVE crossover EV. The article is actually from a month ago, but Mullen is reminding investors of what the industry thinks of its new vehicle. Expectations are high for Mullen after it won the Top Zero Emission SUV award at last November’s Los Angeles International Auto Show. Can Mullen compete with the long list of EV startups? Only time will tell as the company begins to prepare for production by the end of 2023.
MULN stock forecast
As we await the Federal Reserve to raise interest rates, EV stocks continued to nosedive on Monday. Industry leader Tesla (NASDAQ:TSLA) fell a further 3.64%, while Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) dropped by 5.98% and 5.83% respectively. Meanwhile Chinese EV makers also tumbled as the country reinstituted a new coronavirus lockdown. Shares of Nio fell a further 12.26% during the session.
Like this article? Help us with some feedback by answering this survey:
- NASDAQ: MULN pulls back after gaining as much as 50% during Monday’s trading.
- Mullen management releases the CarBuzz article that highlights its FIVE crossover EV.
- EV stocks tumble for a variety of reasons to start the week.
Update: Shares of Mullen Automotive corrected 9.60% on Tuesday to finish at $1.60, giving up the $2 threshold. The 10% correction doesn’t seem to be extensive, especially after the stock price exploded roughly 50% in Monday’s trade. The stock price rocketed after the company and its electric crossover vehicle called the Mullen FIVE were featured on automotive news site CarBuzz. However, the rally fizzled out, despite the positive performance of Wall Street indices, as falling oil prices lifted the overall market mood. The focus now shifts towards the Fed decision amid mixed headlines on the Russia-Ukraine war.
NASDAQ:MULN is attempting to post a comeback after the electric vehicle startup’s shares tumbled during the first quarter of 2022. On Monday, shares of MULN soared by 31.1% and closed the trading day at $1.77. While it seems like a major gain, Mullen’s stock is still down by 70% so far in 2022 and 86% over the past 52-weeks. One positive day hasn’t erased the pain that shareholders have felt while holding Mullen’s stock all the way down. The broader markets began the week on the backfoot as the S&P 500 and NASDAQ both fell as investors sat patiently, awaiting the impending Fed interest rate hike.
Stay up to speed with hot stocks' news!
What was the source of Mullen’s sudden gains on Monday? Management put out a news release that featured CarBuzz’s article that highlighted Mullen’s FIVE crossover EV. The article is actually from a month ago, but Mullen is reminding investors of what the industry thinks of its new vehicle. Expectations are high for Mullen after it won the Top Zero Emission SUV award at last November’s Los Angeles International Auto Show. Can Mullen compete with the long list of EV startups? Only time will tell as the company begins to prepare for production by the end of 2023.
MULN stock forecast
As we await the Federal Reserve to raise interest rates, EV stocks continued to nosedive on Monday. Industry leader Tesla (NASDAQ:TSLA) fell a further 3.64%, while Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN) dropped by 5.98% and 5.83% respectively. Meanwhile Chinese EV makers also tumbled as the country reinstituted a new coronavirus lockdown. Shares of Nio fell a further 12.26% during the session.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.