What's Going On With Mullen Automotive Stock?
Portfolio Pulse from Erica Kollmann
Mullen Automotive, Inc. (NASDAQ:MULN) shares are trading higher after the company issued an update on its stock buyback program, with an additional repurchase of 2,000,000 shares. The company has repurchased a total of $5,610,600 in shares since announcing the buyback program on Aug. 17. The stock has attracted the attention of short-sellers with 10.06% of available shares currently being sold short.
September 05, 2023 | 4:20 pm
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Mullen Automotive's stock is trading higher after the company announced an additional repurchase of 2,000,000 shares. The stock has attracted short-sellers with 10.06% of available shares being sold short.
The company's announcement of an additional share repurchase has likely boosted investor confidence, leading to a rise in the stock price. However, the high percentage of shares being sold short indicates that some investors are betting on the stock's price to fall, which could lead to increased volatility.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100