- MULN stock still seeing interest from retail traders as demo vehicles come due.
- Mullen Automotive files an SEC filing in early August worth noting.
- MULN has been under pressure, losing 93% YTD.
Mullen Automotive (MULN) is once again catching some interest from retail traders as the company announced its new crossover vehicle will be due for demo in October. The car is scheduled to be launched in a US-wide tour to increase the visibility of the name and cars. Mullen has been the subject of much speculation and entered the meme stock universe this year with some eye-catching price spikes. In March, it moved nearly 400% in the space of a few days before eventually coming back down to earth, so trading in this one is high risk and speculative. Year to date, the stock is down nearly 94%. The situation gets worse if you look back to November 2021 when MULN stock spiked to over $15. On Wednesday it closed at just $0.698.
Also read: Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveries
Mullen stock news
Recent filings from Mullen are not exactly comforting with losses increasing significantly.
Source: Mullen filings SEC Form 10
Loss from operations has ballooned from $15 million to nearly $63 million for the 9 months to the end of June 2022 versus the end of June 2021. Shares outstanding have also moved from 5.1 million to more than 376 million, but at least the cash balance has also ballooned.
Given the loss from operations that just means Mullen is likely to burn through it in our view. In the 3 months to the end of June 2022, it lost $18 million from operations, so that equates to a yearly cash burn rate of $54 million approximately if that trend continues. Having cash of $61 million then gives them a little over a year of headroom.
We also note a filing from August 5.
Here is the link to the full filing tm2222319-4_s3asr - none - 4.750022s (sec.gov)
Mullen stock forecast
MULN stock is not one for me based on the data above. Some appear to like the risk and volatility, and that is their choice, but please be mindful of risk as this is a high-risk play. Something so volatile does not lend itself to technical analysis.
MULN stock daily
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