MULN Stock Forecast: Mullen Automotive edges higher during strong trading day for EV stocks

NASDAQ:MULN gained 1.20% during Wednesday’s trading session.
Tesla leads the way as EV stocks rebound during the market rally.
Mullen’s stock is flirting with the possibility of needing to do a reverse split.

Stocks Reporter FXStreet

NASDAQ:MULN extended its gains on Wednesday as the broader markets rallied and snapped their recent losing skid. Shares of MULN edged higher by a further 1.20% and closed the trading session at a price of $0.67. The move higher came on a day where stocks rallied as investors shrugged off what looks to be another 75 basis point interest rate hike at the FOMC meeting in September. Overall, the Dow Jones added 435 basis points, the S&P 500 gained 1.83%, and the NASDAQ rose by 2.14% during the session.

Stay up to speed with hot stocks' news!

Electric vehicle stocks were on the rise on Wednesday as the NASDAQ managed to snap its recent seven-day losing streak. Tesla (NASDAQ:TSLA) led the way once again on the back of a couple of price target raises from Tuesday. It was also reported that Tesla is in talks with the Canadian government to build one of its next GigaFactories north of the border. Other EV stocks that saw relief on Wednesday included Rivian (NASDAQ:RIVN) and Lucid (NASDAQ:LCID). Chinese EV makers were also above water after Nio (NYSE:NIO) reported second quarter earnings. Stocks of the big three rallied despite Nio reporting a wider than expected loss for the quarter.

Mullen stock price

With Mullen’s stock price hovering below the key $1.00 price level, could it be the latest meme stock forced into undergoing a reverse split to stay listed? If the stock continues to stay below $1.00, it could join other stocks like Sundial Growers (NASDAQ:SNDL) and MindMed (NASDAQ:MNMD) to consolidate its shares at the expense of shareholders.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD hits fresh 2026 lows near 1.1570

EUR/USD adds to Monday’s heavy losses and reaches new yearly lows around 1.1570 on Tuesday. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment amid the deteriorating geopolitical landscape in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold drops further, threatens $5,000

Gold comes under renewed and marked selling pressure on Tuesday, dangerously approaching the critical $5,000 mark per troy ounce, reversing at the same time four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback and investors’ repricing of Fed rate cuts.